When saving leaks out of the circular flow of income and spending,
a. total income necessarily falls.
b. it leaks out of the financial system.
c. it flows to borrowers.
d. it increases the size of the spending flow.
c
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Which of the following is NOT an investment in human capital?
A) A business student takes a seminar in using a laptop computer. B) A student purchases a laptop computer. C) A computer science student learns how to repair a laptop computer. D) A computer science student takes a course on programming a laptop computer.
A textbook is a
a. private good and the knowledge that one gains from reading the book is a common resource. b. private good and the knowledge that one gains from reading the book is a public good. c. common resource and the knowledge that one gains from reading the book is a public good. d. common resource and the knowledge that one gains from reading the book is a private good.
Variable cost divided by quantity produced is
a. average total cost. b. marginal cost. c. profit. d. None of the above is correct.
For a perfectly competitive firm, the marginal-revenue product curve is the same as the firm's short run demand for labor curve.
Answer the following statement true (T) or false (F)