Which of the following is not correct?
a. Gross domestic product is both total income in an economy and total expenditures on the economy's output of goods and services.
b. In a closed economy net exports are zero.
c. National saving is the sum of private saving and public saving.
d. Purchases of capital goods are excluded from GDP.
d
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The figure above shows the market demand curve for pizza
a) What is the marginal social benefit of the 20th pizza? b) What is the maximum price a consumer is willing to pay for the 20th pizza? c) If the price of a pizza is $6, what is the consumer surplus of the 20th pizza? d) If the price of a pizza is $10, what is the consumer surplus? e) If the price of a pizza is $6, what is the consumer surplus?
Refer to Table 2-12. If the two countries specialize and trade, who should export canoes?
A) Honduras B) They should both be exporting canoes. C) Guatemala D) There is no basis for trade between the two countries.