Write down your understanding and interpretation for each of the following equations, then make sure that you familiarize yourself with these formulas: I = NS + KI
What will be an ideal response?
Ans: In an open economy, investment spending equals the sum of national savings and capital inflows.
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In a market economy, government decides the answers to the three economic decisions.
Answer the following statement true (T) or false (F)
National League pitchers partake in some batting practice (typically, bunting). Why don't American League pitchers practice batting?
A) Practice can't be expected to improve their terribly poor batting skills. B) They have little incentive, given the designated hitter rule. C) They don't believe the slogan "There is no 'I' in 'Team'." D) They ignore the rules of the game.
Refer to above figure. With a specific tariff of $3 per unit, what is the quantity of Widgets produced domestically?
What will be an ideal response?
Economists use abstract models because:
A. every economic situation is essentially the same, so specific details are unnecessary. B. they are useful for describing general patterns of behavior. C. computers have allowed economists to develop abstract models. D. every economic situation is unique, so it is impossible to make generalizations.