The three broad reasons for saving, as identified by economists, relate to:
A. consumption, investment, and exports.
B. national, public, and private production.
C. capital gains, capital losses, and deficits.
D. the life-cycle, precaution, and bequests.
Answer: D
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Use the following table to answer this question, which provides information on the production of a product that requires one variable input.InputTotal Product00102002060030720408205090060980The marginal product of the 30th input item is
A. 24. B. 120. C. 12. D. 200.
Economies where production and distribution decisions are made by the government are called
A) command economies. B) market economies. C) mixed economies. D) capitalist economies.
A one-tail test of significance would be used to determine whether
A) demand for a good is price elastic. B) two goods are substitutes for each other in supply. C) two goods are unrelated to each other in demand. D) supply of a good is price inelastic.
The quantity of pencils sold is 1000 at the unit price $0.5. Suppose the price elasticity of demand for pencils by the initial value method is 2, and you would like to increase the quantity sold to 1200. Then the new price for pencils must be:
A. $0.05. B. $0.25. C. $0.30. D. $0.45.