A free rider is one who enjoys the benefits of a public good without paying for it.
Answer the following statement true (T) or false (F)
True
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Define savings rate. If the aggregate savings in an economy is $10,000 and the aggregate income in the economy is $70,000, what is the savings rate in the economy?
What will be an ideal response?
Carlos is an executive of a major corporation. Boris is a baker. Carlos earns a salary ten times as large as the salary Boris earns, and Carlos has a much larger oven for baking break
Carlos can make a loaf of bread that tastes better than Boris's bread but Boris can bake faster. A) Carlos has an absolute and comparative advantage over Boris in making bread. B) Carlos has an absolute but not comparative advantage over Boris in making bread. C) Carlos had a comparative but not absolute advantage over Boris in making bread. D) Carlos does not have an absolute or comparative advantage over Boris in making bread.
Which of the following would one expect if there were no trade in goods but resources were free to move among countries?
a. Labor will immigrate from the capitalabundant country. b. Labor will emigrate to the capitalabundant country. c. Labor will emigrate to the capitalscarce country. d. Labor will immigrate from the capitalscarce country.
If every country specializes in what it produces best and then trades, more will be produced than if each country tries to produce everything for its own needs.
Answer the following statement true (T) or false (F)