Exhibit 7-14 Cost curves
In Exhibit 7-14, constant returns to scale only exist for output levels between:

The saving-investment analysis for large open economies is somewhat more complicated than the analysis for small open economies mainly because ________

A) there is more information to keep track of for larger economies B) there are more unknowns in larger economies C) a larger economy may actually affect the world economy D) all of the above E) none of the above

A decrease in a person's real wage necessarily means: a. lower purchasing power

b. a lower nominal wage. c. a lower personal disposable income. d. a higher nominal wage. e. a higher personal disposable income.