A major macroeconomic leakage from the circular flow is:
a. Saving
b. Gross private domestic investment
c. Government spending.
d. All of the above.
e. None of the above.
.A
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In the scenario above, in Nash equilibrium
A) both firms cheat to produce more than the agreed amount. B) both firms comply with the agreement. C) one firm complies with the agreement while the other cheats to produce more than the agreed amount. D) both firms cheat to produce less than the agreed amount.
A quota is the same as a voluntary export restraint
Indicate whether the statement is true or false
When economists talk about a balance of payments "deficit," they refer to:
a. a net balance in the balance of payments that is less than zero. b. a condition in which total credits exceed total debits in the balance of payments. c. a deficit in one of the sub-accounts of the balance of payments. d. a disequilibrium in the foreign exchange market. e. a net loss in the trade of international goods and services.
The income elasticity of demand measures
a. the relative certainty of future income b. how elastic supply is compared to demand c. the percent change in quantity demanded relative to the percent change in income d. the percent change in income relative to the percent change in quantity demanded e. how much income will stretch to make expected payments