The Norwegian economy can be characterized by Equation 24.3.EQUATION 24.3:C = 100 + 0.8Yd G = 500T = 200I = 200Refer to Equation 24.3. At the equilibrium level of output in Norway, saving equals
A. 1,660.
B. 850.
C. 630.
D. 500.
Answer: D
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a. a law firm b. a steel mill c. an automobile plant d. a tire factory e. an aircraft engine factory
Standardized goods and services refers to those that:
A. are interchangeable. B. have close substitutes. C. are unique. D. are regulated by the government.
The definition of M2 includes:
A. hard money and savings account balances. B. cash and checking account balances. C. cash, checking account, and savings account balances. D. cash, checking accounts, savings accounts, and other financial instruments where money is locked away for a specified period of time.
Suppose an increase in market demand occurs in a constant-cost industry. As a result
A. perfectly competitive firms will eventually enter the industry. B. the new long-run equilibrium price will be lower than the original long-run equilibrium price. C. equilibrium quantity will decline. D. perfectly competitive firms will eventually leave the industry.