Where Y is GDP, C is consumption, I is investment, G is government spending, and there is no international trade, national saving equals:
A. Y + C + G.
B. C + I + G.
C. Y - C - G.
D. Y - C - I.
Answer: C
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Refer to Figure 17-3. In Panel A, at high wages (segment iii)
A) the price of leisure is rising relative to the price of labor. B) laborers work more as wages increase. C) the price of leisure is falling relative to the price of labor. D) labor suppliers take more leisure as wages increase.
Explain why movie theaters charge more for evening performances than for matinees.
What will be an ideal response?
A monopolist firm may be more innovative than a competitive firm.
Answer the following statement true (T) or false (F)
Discounting is the process of
a. cutting prices to get rid of surplus stocks. b. finding the present value of future dollars. c. finding the future value of present dollars. d. giving special concessions to special customers.