Use the information in the table above to calculate the value of national saving
A) -$15 million
B) $40 million
C) $25 million
D) $20 million
C
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Proponents of cuts in income tax rates argue that when income tax rates are cut, workers have an incentive to increase their work hours. This argument is based on the assumption that
A) workers are irrational. B) workers make decisions based on the marginal benefit of each hour worked compared to the marginal cost of work. C) the opportunity cost of working is negative. D) the marginal cost of each additional work hour is not important to most workers. E) workers make decisions based on the social interest.
What happens to the total surplus in a market when the government imposes a tax?
a. Total surplus increases by the amount of the tax. b. Total surplus increases but by less than the amount of the tax. c. Total surplus decreases. d. Total surplus is unaffected by the tax.
If the opportunity cost of a unit of current consumption is exactly 1 unit of future consumption then you must sacrifice $10 of current consumption to finance
A. $1 of future consumption. B. $10 of future consumption. C. $11 of future consumption. D. $9 of future consumption.
Which of the following correctly describes the external benefit resulting from an individual's purchase of a winter flu shot?
A. The flu shot is cheaper than the cost of treatment when you get the flu. B. The income of doctors increases when you get the flu shot. C. The flu shot reduces the likelihood others will catch the flu. D. The flu shot reduces the likelihood you will miss work as the result of sickness; therefore, you will earn more income.