Specialization and exchange result in
a. lower production levels than would otherwise be possible
b. higher living standards than would otherwise be possible
c. more down-time as workers switch activities more frequently
d. the assignment of workers to activities according to their preferences
e. self-sufficiency
B
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Consider the following data for a closed economy:
a. Y = $12 trillion b. C = $8 trillion c. I = $3 trillion d. TR = $2 trillion e. T = $3 trillion Use the data provided to calculate the level of private saving and the level of public saving and demonstrate their relationship to investment.
What are the two main components of business cycle theories?
A) A description of shocks and a model of how the economy responds to them B) A model of how people decide to spend and a description of the government's role in the economy C) A model of how equilibrium is reached and a description of the government's role in the economy D) A description of shocks and a description of the government's role in the economy