In a closed economy, what is the relationship between saving and investment?
A) Saving is greater than investment.
B) Investment is greater than saving.
C) Investment is equal to saving.
D) Investment may be greater or smaller than saving.
Answer: C
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Over the long run, the supply curve becomes
a. unit elastic. b. more elastic. c. inelastic. d. negative.
Substitutes are pairs of products with
a. positive cross-price elasticity of demand b. negative cross-price elasticity of demand c. positive income elasticity of demand d. negative income elasticity of demand e. positive price elasticity of demand
Game theory is used in a number of areas in economics. What is the primary reason that it is used in analyzing oligopoly type market structures?
a. The firms are producing a similar product b. The firms are producing differentiated products c. The demand curve facing the oligopolistic firms is perfectly inelastic d. The mutual interdependence of firms in industries with a small number of firms e. The demand curve the oligopolistic firm faces is downward sloping
Refer to the table shown. From this table we can conclude that if the two countries trade with each other, it is most likely that:Cost (in euros) of producing wine and an electric generator FranceGermanyWine1020Electric Generator10,00030,000
A. France exports wine to Germany and imports electric generators from Germany. B. France exports both goods to Germany. C. Germany exports both goods to France. D. France exports electric generators to Germany and imports wine from Germany.