In economics, physical capital includes
A) money.
B) bank accounts.
C) machinery.
D) shares of stock.
C
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In order for mutually beneficial trade to occur between two otherwise isolated nations
A. each nation must be able to produce at least one good absolutely cheaper than the other. B. each nation must be able to produce at least one good relatively cheaper than the other. C. one nation's production must be labor-intensive while the other nation's production is capital-intensive. D. each nation must face constant costs in the production of the good it exports.
Any combination of two goods that lies beyond the production possibilities frontier
A) is currently impossible to produce. B) is currently possible to produce, but not worth trying. C) represents economic waste. D) represents a more efficient combination of output than anything lying on the frontier.
If society decides it wants more of one good and all resources are fully utilized, then
A) additional resource supplies will have to be found. B) it is unable to do this unless technology advances. C) it has to give up some of another good and incur some opportunity costs. D) more unemployment will occur.
Refer to Figure 16-2. What is the price charged in the two markets?
A) price in the student market = price in the non-student market = Pb B) price in the student market = Pc; price in the non-student market = Pe C) price in the student market = price in the non-student market = Pa D) price in the student market = Pd; price in the non-student market = Pe