Refer to the graph above for a private closed economy. In this economy, investment is:
A. $50 billion
B. $100 billion
C. $150 billion
D. $200 billion
B. $100 billion
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Which of the following is an example of a trade restriction?
A) Consumers prefer German beer to domestic beer. B) Japan places a tax on all Korean automobiles. C) Domestic wine is more expensive than wine imported from Chile. D) The United States, Canada, and Mexico sign the NAFTA agreement.
The behavior of the Solow residual suggests that when current total factor productivity increases
A) it becomes more difficult to predict future total factor productivity. B) future total factor productivity is also likely to increase. C) such increases are temporary, so we can draw no conclusions about the likely behavior of future total factor productivity. D) future total factor productivity is likely to decrease.
Suppose Julia and Zach are the only consumers of milk. Julia's demand for milk is defined as QdJulia = 12 - 3P at prices below $4 and zero for prices above $4. Zach's demand for milk is defined as QdZach = 10 - 2P at prices below $5 and zero for prices above $5. If the market price for milk is $4.50, market demand is:
A. zero units of milk. B. 1.5 units of milk. C. 1 units of milk. D. 10 units of milk.
In a monopoly,
A) marginal revenue is greater than price. B) marginal revenue is less than price. C) the demand curve is horizontal. D) marginal revenue and price are equal