Consider the expressions T - G and Y - T - C. Which of the following statements is correct?
a. Each one of these is equal to national saving.
b. Each one of these is equal to public saving.
c. The first of these is private saving; the second one is public saving.
d. The first of these is public saving; the second one is private saving.
d
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Opportunity costs arise from
A) choices. B) taxes. C) mistakes. D) regrets.
Nonexcludable goods tend to be undersupplied because:
A. the free rider problem persists. B. people do not pay the true value of the good. C. people rarely willingly pay for something they could get for free, regardless of how much they value it. D. All of these statements are true.
Hourly wages in Mexico are ____________ those paid in the United States for comparable work.
A. equal to B. one half C. one quarter D. one eighth
William can create 30 meals in one hour, or wash 90 dishes in the same time. Jeremy can create 25 meals in one hour, or wash 50 dishes in one hour. Using opportunity cost, who should specialize in what task?
What will be an ideal response?