If an economy is closed and if it has no government, then
a. national saving = private saving.
b. total income = consumption + investment.
c. saving = total income - consumption.
d. All of the above are correct.
d
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Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080Who should specialize in knitting scarves?
A. Natalia B. Alexandra C. Both Natalia and Alexandra D. Neither Natalia nor Alexandra
Accounting profit is typically
A. greater than economic profit because the former does not take explicit costs into account. B. smaller than economic profit because the former does not take implicit costs into account. C. equal to economic profit because explicit costs include all opportunity costs. D. greater than economic profit because the former does not take implicit costs into account.
The marginal revenue product of an hour of labor used in steel production is equal to
A. its marginal physical product times the hourly wage rate. B. its marginal physical product times the price of steel. C. the hourly wage rate. D. its marginal physical product divided by the price of steel.
If the price elasticity of demand for water is inelastic, which of the following could be a possible value of the elasticity?
A. 2 B. 1 C. 0.5 D. All of these