Which of the following restrictions implies that saving and investment are equal for a closed economy?
a. Private saving is equal to zero.
b. Public saving is equal to zero.
c. The economy's government is running neither a surplus nor a deficit.
d. No restriction is necessary; saving and investment are equal for all closed economies.
d
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A tendency towards disorder or randomness is called:
a. Homeostasis b. Cybernetics c. Entropy d. Multifinality
Society definitely benefits by reducing the number of monopolistically competitive firms.
Answer the following statement true (T) or false (F)
Consider a monopolistic competitor who earns high profits in the short run. Which of the following changes will be observed in the demand curve faced by this firm in the long run?
a. The demand curve will become vertical. b. The demand curve will become steeper. c. The demand curve will become flatter. d. The demand curve will slope upward.
A single payer system in the United States would
A. likely fail because no other nations have tried it. B. decrease availability of health care services to those who are currently uninsured. C. likely increase the waiting time for certain procedures. D. necessitate a tax cut.