Given the following economic data, what is the value of investment in a closed economy?
Y = $10 trillion
C = $5 trillion
TR = $2 trillion
G = $2 trillion
A) $2 trillion
B) $3 trillion
C) $5 trillion
D) cannot be determined without information on taxes (T)
Answer: B
Economics
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Assuming education results in a positive externality, which of the following statements is correct?
a. The social cost of producing education exceeds the private cost of producing education. b. The positive externality can be depicted on a graph by the vertical distance between the supply curve and the social-cost curve. c. The socially optimal quantity of education will exceed the market equilibrium quantity of education. d. All of the above are correct.
Economics