During the 1990s, which of the following did NOT occur?
A) Private savings fell.
B) Investment rose.
C) Public savings increased.
D) The United States received capital inflows.
E) Private savings was greater than investment for most of the 1990s.
E
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The supply of product X is perfectly inelastic if the price of X increases by ________ and, as a result of the price change, the quantity supplied ________
A. 7%; increases by 5%. B. 10%; stays the same. C. 8%; increases by 8%. D. 5%; increases by 7%.
In Econland total output is $8 billion, population equals 500,000 people, and, of these, 400,000 are employed workers. Output per person in Econland equals ________ and average labor productivity equals ________.
A. $20,000; $20,000 B. $16,000; $20,000 C. $20,000; $16,000 D. $16,000; $16,000
An economic model is useful only if it:
A. contains no positive statements. B. captures all the complexities of reality. C. yields accurate predictions. D. has both macro- and microeconomic applications.
An effective price ceiling will:
A. induce new firms to enter the industry. B. result in a product shortage. C. result in a product surplus. D. clear the market.