In a small closed economy, investment is $20 billion and private saving is $22 billion. What is public saving and national saving? ()
A. $24 billion and $2 billion
B. $20 billion and -$2 billion
C. $2 billion and $24 billion
D. -$2 billion and $20 billion
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In a certain economy in 2005, GDP amounted to $5,000; consumption amounted to $3,000; government purchases were equal to investment; and the value of imports exceeded the value of exports by $200. It follows that government purchases amounted to () 2.
A. $900. 3.
B. $1,100. 4.
C. $1,250. 5.
D. $1,325.
Suppose that in a closed economy GDP is $11 trillion, consumption is $7 trillion, taxes are $2 trillion and the government runs a deficit of $1 trillion. What are private saving and national saving? ()
A. $4 trillion and $1 trillion
B. $4 trillion and -$1 trillion
C. $2 trillion and $1 trillion
D. $2 trillion and -$1 trillion
National income or output is determined by ( ).
A. Capital
B. Labor
C. Technology
D. All of the above
In a competitive market, real wage in equilibrium equals ( )
A. Real rental price
B. Marginal product of capital
C. Marginal product of labor
D. Average product of labor