Gross investment is:
A. what is left over from total new private investment after depreciation.
B. the total amount of private investment purchases, whether new or previously existing.
C. the total amount of new private investment purchases.
D. the wear and tear on private investment.
Answer: C
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In 1939 the U.S. economy was operating at point ________.
A. A
B. B
C. C
D. D
Economists have estimated that the cross-price elasticity of demand between beer and spirits is -0.50, the income elasticity for spirits is 1.21 and the income elasticity for wine is 5.03
These elasticities mean that beer and spirits are ________, and spirits and wine are ________. A) complements; substitutes B) substitutes; luxuries C) complements; luxuries D) normal goods; luxuries
Why do most economists favor emissions taxes over direct controls as a pollution deterrent?
The adjustment of the ____________ is the rationing mechanism in market economies.
A. price B. competition C. government D. None of the choices are correct.