The difference between personal income and disposable income is:
A) corporate taxes
B) personal taxes
C) savings
D) none of the above
B
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How much is saving?
C = $6.4 trillion Disposable income = $8 trillion Autonomous consumption = $4 trillion
If Daniel produces one pair of shoes in 4 hours and Sarah produces one pair of shoes in 3 hours, then
a. Sarah has a comparative advantage in shoemaking b. Daniel has a comparative advantage in shoemaking c. Sarah has an absolute and a comparative advantage in shoemaking d. Daniel has an absolute and a comparative advantage in shoemaking e. Sarah has an absolute advantage in shoemaking
From 2006 through August 2011, the US dollar fell in value from 8 Chinese Yuan to 6.4 Chinese Yuan. During that time we would say that relative to the US dollar, the Yuan has appreciated in value
a. True b. False
Consider a nation with an endowment of iron ore and petroleum. If the nation specializes in the production of aluminum and gasoline instead of steel we can say that it is operating:
a. on its production possibilities curve. b. outside its production possibilities curve. c. inside its production possibilities curve. d. on the highest achievable production possibilities curve. e. on the lowest production possibilities curve.