How does saving help a nation’s economy to grow?
a. Saving allows a nation to invest in new, productive capital.
b. When people have money saved, companies can pay lower wages.
c. Saving artificially increases the value of the stock market.
d. Saving prevents foreign countries from growing faster.
a. Saving allows a nation to invest in new, productive capital.
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The demand for chocolate is perfectly inelastic in Foodieland. If a tax is imposed on chocolate, ________
A) the deadweight loss due to taxation will be high B) the deadweight loss due to taxation will be one C) consumers will stop consuming chocolate D) the tax burden will fall entirely on buyers
An automobile factory in Michigan uses $100,000 worth of parts purchased from foreign countries along with U.S. inputs to produce 30 cars worth $20,000 each. Twenty of these cars are sold and 10 are left in inventory. How much did these actions add to GDP?
a. $300,000 b. $500,000 c. $600,000 d. $700,000
You are the manager of a monopoly that faces a demand curve described by P = 230 ? 20Q. Your costs are C = 5 + 30Q. Your firm's maximum profits are:
A. 475. B. 495. C. 415. D. 480.
Farm price support programs most often take the form of price
A. Floors above the equilibrium price. B. Ceilings above the equilibrium price. C. Ceilings below the equilibrium price. D. Floors below the equilibrium price.