In Figure 3-5 above, saving is positive at
A) point J.
B) point K.
C) point L.
D) all of the above.
C
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The recessionary gap is given by the difference between potential GDP and real GDP
a. True b. False Indicate whether the statement is true or false
What percentage of the world's population subsists on incomes of less than $3 a day?
A. 40 percent. B. 60 percent. C. 70 percent. D. 50 percent.
The marginal rate of substitution is
A. equal to unit changes in the quantities of both goods so that utility rises. B. found by adding additional units. C. the slope of the budget line at all points. D. the change in the quantity of one good that just offsets a unit change in another good, keeping utility constant.
Goods A and B are substitutes. If the price of good A falls, the marginal revenue product (MRP) curve of good B
A. will become more inelastic. B. will shift in. C. will not change. D. will shift out.