The three broad reasons for saving, as identified by economists, relate to:
A. the life-cycle, precaution, and bequests.
B. national, public, and private production.
C. capital gains, capital losses, and deficits.
D. consumption, investment, and exports.
Answer: A
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A perfectly discriminating monopolist converts every dollar of producer surplus into economic profit
a. True b. False
Which of the following is an example of a country that had trade deficits during much of the 1970s, but also had high rates of investment in physical plant and equipment, and its economy grew rapidly. From the mid-1980s into the mid-1990s, this country often had trade surpluses—that is, it was repaying its past borrowing by sending capital abroad.
a. Japan b. Mexico c. Russia d. South Korea
Exhibit 11-4 Supply and demand curves for food servers
In Exhibit 11-4, assume that both input and output markets are perfectly competitive. If one additional server increases the number of meals sold by four per day and each meal sells for $10, each additional food server will be paid:
A. $16 per day. B. $32 per day. C. $36 per day. D. $40 per day.
The PPP theory is most useful in predicting:
A. short-run changes in the exchange rate for a country that mainly produces lightly-traded standardized goods. B. long-run changes in the exchange rate for a country that mainly produces heavily-traded standardized goods. C. long-run changes in the exchange rate for a country that mainly produces lightly-traded non-standardized goods. D. short-run changes in the exchange rate for a country that mainly produces heavily-traded standardized goods.