If a country has negative net capital outflows, then its net exports are
a. positive and its saving is larger than its domestic investment.
b. positive and its saving is smaller than its domestic investment.
c. negative and its saving is larger than its domestic investment.
d. negative and its saving is smaller than its domestic investment.
d
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In general, demand curves for luxuries tend to be price elastic
a. True b. False Indicate whether the statement is true or false
In 1900, the country with the highest per capita GDP was
A) Australia. B) New Zealand. C) the United States. D) Belgium. E) the Netherlands.
Given the supply and demand conditions illustrated in Figure 3-2, the equilibrium price of steak is
a. $2 per pound. b. $4 per pound. c. $6 per pound. d. $8 per pound.
The marginal factor cost is the
A) additional revenue obtained from a one-unit change in labor input. B) additional revenue obtained from a one-unit change in output. C) change in output resulting from the addition of one more worker. D) cost of using an additional unit of an input.