Suppose you read in the French daily Le Monde that saving in France in 2003 was greater than the intended investment French businesses had hoped to make. You would conclude that in 2003 the French economy was
a. in equilibrium, and no change occurred in its national income
b. not in equilibrium, and its national income rose
c. not in equilibrium, and its national income fell
d. in equilibrium, and its national income rose
e. in equilibrium, and its national income fell
C
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Refer to Table 9-10. Fill in the following table with the opportunity costs of producing bows and arrows for Tran and Farah
Pens Pencils Tran Farah
Which of the following provide the best evidence of specialization?
a. a firm that produces a line of related products, such as eight kinds of breakfast cereal b. an architect who is willing to practice in only one geographic area c. a physician that practices in a specialty area such as cardiology or orthopedic surgery d. a family that eats at Wendy's every Thursday night e. a retailer that sells goods but provides no services