Distinguish between saving and savings. How does investment relate to this distinction, if at all?
What will be an ideal response?
Saving is a flow concept and savings is a stock concept. Saving is the act of not consuming all of one's income in a year. Savings is a stock of wealth at a point in time. Investment is also a flow concept. For investment to take place, there must be saving.
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The principle of comparative advantage implies that
A) only wealthy countries ultimately can benefit from international trade. B) every country can benefit from international trade. C) we should limit the extent to which people specialize. D) most people are harmed by trade.
Based on the information in the table, how many people are out of the labor force? Population 16 and older1,000,000Participation Rate80%Employed Workers720,000
A. 280,000 B. 144,000 C. 576,000 D. 200,000