Refer to Scenario 1-1. Using marginal analysis terminology, what is another economic term for the incremental revenue received from the sale of the last 400 t-shirts?
A) sales revenue B) gross earnings C) gross profit D) marginal revenue
D
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The capital and financial account balance is equal to
A) the value of exports of U.S. capital goods minus the value of imports of capital goods into the United States. B) exports minus imports. C) foreign assets owned by the United States minus U.S. assets owned by foreigners. D) U.S. investment abroad minus foreign investment in the United States. E) foreign investment in the United States minus U.S. investment abroad.
Define capital. Explain the relationship between investment and capital
What will be an ideal response?
Social Security provides incentive for individuals to
(a) save more than they consume during their working years. (b) manage their assets privately in order to prepare to live on principal and interest during retirement. (c) rely on transfer payments made by the working class to them during retirement. (d) carefully manage their private retirement portfolios and use the income earned to consume and save during retirement.
Which of the following would be an example of an unemployed resource?
a. John has been laid off from his job as an auto mechanic. b. Betty, a computer specialist, takes a job as a hotel maid. c. Mary, a senior citizen, receives a social security check. d. Sam, 10 years old, is in the fifth grade. e. a 10-year-old computer is now only used as a word processor.