National saving is saving by:
A. households and firms.
B. the government.
C. the entire economy.
D. households for retirement.
Answer: C
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Suppose the nation is producing at a point on its PPF. If the marginal cost of producing one more computer is greater than the marginal benefit, the nation is producing
A) too few computers to be allocatively efficient. B) too many computers to be allocatively efficient. C) the correct number of computers to be allocatively efficient. D) at the point of allocative efficiency. E) More information is needed to determine if the nation is or is not producing at the allocatively efficient point.
Figure 5-5 shows a consumer budget line for French fries and hamburgers. The household allocates a budget for these two goods. If the price of an order of french fries is $2, how much income is allocated to fries and burgers combined?
A. $2 B. $4 C. $10 D. $20
Why are some of the markets that provide information likely to be dominated by monopolies?
What will be an ideal response?
One example of thinking at the margin is:
a) determining whether it is better to spend your savings on a new CD player or on a television b) deciding whether the benefit of working two extra hours per day is worth the sacrifice of study time c) putting all your money in a savings account because the interest rates are so high d) deciding to buy a car you don't really like because it is significantly less expensive than the one you want