Using the data in the above table, if the government sector runs a deficit of $250 billion and net exports equal -$500 billion, then saving must equal
A) $450 billion.
B) $250 billion.
C) $1,350 billion.
D) $400 billion.
D
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In the above figure, if the price of good A falls from P0 to P1 and the demand for good B increases from D0 to D1, then goods A and B
A) are substitute goods. B) are inferior goods. C) will have a negative cross elasticity of demand. D) are both price elastic but not perfectly price elastic.
If nominal GDP is 100,000 and real GDP is 80,000, the GDP deflator is 115
Indicate whether the statement is true or false
Sam quits his job as an airline pilot and opens his own pilot training school. He was earning $40,000 as a pilot. He withdraws $10,000 from his savings where he was earning 6 percent interest and uses the money in his new business. He uses a building he owns as a hangar that he could have rented out for $5,000 per year. He rents a computer for $1,200, buys office supplies for $500, rents an
airplane for $6,000 . pays $1,300 for fuel and maintenance, and hires one worker for $30,000 . Sam's total revenue from pilot training classes this year equaled $90,400 . Sam's explicit costs this year equal a. $84,400 b. $39,000 c. $55,000 d. $45,600 e. $40,000
The net increase to total surplus when a positive externality is corrected is due to:
A. the increased number of units bought and sold in the market. B. the transfer of surplus from the consumer to those affected by the externality. C. the transfer of surplus from those affected by the externality to the consumer. D. None of these statements is true.