Which of the following represent the national savings and investment identity - Supply of financial capital = Demand for financial capital - expressed in algebraic terms?
a. (M-X) = I - S - (T-G)
b. S + (M-X) = I + (G-T)
c. X - M = S + (G-T) - I
d. I - S - (T-G) = (M - X)
b. S + (M-X) = I + (G-T)
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What causes capital and labor shares of gross domestic product to remain consistent over the years?
What will be an ideal response?
If Bob has one piece of gum in his mouth, he gains a utility of 12. If he adds a second piece to the first, it yields a marginal utility of 6; adding a third will bring marginal utility of 1. Adding a fourth piece will make Bob choke, yielding a marginal utility of 4. We can say:
A. Bob's total utility from chewing four pieces of gum would be 23. B. Bob's total utility will decrease if he chews the fourth piece of gum. C. Bob's total utility will be maximized if he eats two pieces. D. Bob's total utility decreases after the first piece of gum.
According to the graph shown, if this economy were open to free trade, domestic consumers would consume how many units?
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. 60
B. 115
C. 150
D. 90
Suppose there is a simultaneous increase in demand and decrease in supply, what effect will this have on the equilibrium price?
A. It will rise. B. It will fall. C. It will remain the same. D. It may rise or fall.