The amount that households have accumulated out of past income through saving and inheritance is
A. wealth.
B. consumption.
C. future income.
D. present income.
Answer: A
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If immigration increases the productivity of domestic workers, then it:
A. Decreases the return on capital B. Means that immigrant workers and domestic workers are substitutes C. Means that immigrant workers are entering low-wage occupations D. Increases the return on capital
If the elasticity of demand for mothballs is 0.50, then moving along the demand for mothballs:
a. A 20% rise in the price of mothballs will lead to a 10% fall in the quantity of mothballs demanded. b. A 10% rise in the price of mothballs will lead to a 20% fall in the quantity of mothballs demanded. c. A 20% rise in the price of mothballs will lead to a 10% rise in the quantity of mothballs demanded. d. A 10% rise in the price of mothballs will lead to a 20% rise in the quantity of mothballs demanded.
Public saving is T - G, while private saving is Y - T - C
a. True b. False Indicate whether the statement is true or false
When public choice economists look at labor markets, they:
A. see individuals lobbying politicians to protect their monopolies. B. generally see supply and demand forces leading to equilibrium. C. capture the same aspects of reality that are captured by other economists. D. focus on the tensions among social classes and generally see exploitation of workers by capitalists.