Wealth is to ________ as capital stock is to ________
A) investment; saving
B) saving; investment
C) income; net investment
D) income; earnings
E) saving; depreciation
B
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Japan exports cars to the other countries of the world. In an open economy Japan is most likely to have a domestic price that is ________ the world price of cars.
A. less than B. close to C. equal to D. greater than
The knowledge and skills that workers have built up through education and training programs is known as ________
A) the college premium B) human capital C) productivity D) financial torsion
Profit is defined as
a. net revenue minus depreciation. b. total revenue minus total cost. c. average revenue minus average total cost. d. marginal revenue minus marginal cost.
An editorial in the paper argues that a person only should be allowed to attend school if the marginal cost of educating that person is less than the marginal benefit of educating that person. The writer's reasoning is an application of:
A. negative economics. B. positive economics. C. economic naturalism. D. normative economics.