Gross saving is the total of
A. personal saving and business saving but not government saving.
B. personal saving and government saving but not business saving.
C. business saving and government saving but not personal saving.
D. personal, business, and government saving.
D. personal, business, and government saving.
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Indexing Social Security payments is done using the:
A. CPI. B. PPI. C. GDP deflator. D. RPI.
The ________ states that the individual, firm, region, or country with the lowest opportunity cost of producing a particular good should specialize in producing that good
a. law of absolute advantage b. law of comparative advantage c. law of diminishing marginal utility d. law of increasing opportunity cost
Suppose that a country has an inflation rate of about 2 percent per year and a real GDP growth rate of about 2.5 percent per year. Then the government can have a deficit of about
a. 5 percent of GDP without raising the debt-to-income ratio. b. 4.5 percent of GDP without raising the debt-to-income ratio. c. 1.25 percent of GDP without raising the debt-to-income ratio. d. .5 percent of GDP without raising the debt-to-income ratio.
Define the law of demand and explain how this relates to typical human behavior.
What will be an ideal response?