Which of the following expressions must be equal to national saving for a closed economy?
a. Y - I - G - NX
b. Y - C - G
c. Y - I - C
d. G + C - Y
b
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Refer to the above table. If opportunity costs are constant, each nation produces only the one good for which it has a comparative advantage, and trade can occur between the two countries
A) country X will produce product A and country Y will produce product B. B) country X will produce product B and country Y will produce product A. C) country X will refuse to trade with country Y since country X has a comparative advantage in both products. D) country Y will refuse to trade with country X since country Y has a comparative advantage in both products.
In the U.S., people tend to discard items rather than repair them because
a. Americans are lazy b. of the high opportunity cost of time c. it is costly to use land for waste disposal d. high wages in the waste disposal industry discourages repairs e. low wages in the repair industry encourages disposal