Suppose private saving in a closed economy is $12b and investment is $10b
a. National saving must equal $12b.
b. Public saving must equal $2b.
c. The government budget surplus must equal $2b.
d. The government budget deficit must equal $2b.
d
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Prior to World War II, the international financial system had operated on
a. a floating exchange rate system b. a managed exchange rate system c. a laissez-faire exchange rate system d. the gold standard e. the dollar standard
The neighborhood ice cream shop finds that when it charges $3 per ice cream cone, its total revenues are $90,000 . It has total variable costs of $30,000 and total fixed costs of $40,000 . From this we can infer the
a. shop should be moved because the rent is too high b. price is less than average total cost c. economic profits are $20,000 d. shop will be closed in the long run e. shop sells 10,000 ice cream cones
Americans worked less than _____ hours in the year 2008, while German laborers worked less than _____ hours.
Fill in the blank(s) with the appropriate word(s).
Constant returns to scale cause the long-run average cost curve to be:
A. horizontal. B. vertical. C. upward-sloping. D. downward-sloping.