In economics, capital refers to _____
a. wages earned by workers.
b. dividends and interest earned by investors.
c. the foreign reserves held by governments.
d. machines, buildings, tools, and knowledge.
e. the net worth of firms.
d. machines, buildings, tools, and knowledge.
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Under the Bretton Woods system, U.S. dollars were redeemable for ________ only if the dollars were presented by a foreign central bank
A) silver B) gold C) foreign currency D) U.S. Treasury bonds
An increase in which of the following will increase the value of the spending multiplier?
A) The supply of money B) Equilibrium output C) Personal income tax rates D) The marginal propensity to consume E) The required reserve ratio
Why should a system of marketable pollution permits lead to less costly pollution abatement than a command-and-control system?
What will be an ideal response?
The law of demand states that
A. the quantity demanded is directly related to price. B. people demand less at lower prices. C. changes in price and changes in quantity demanded move in the same direction. D. the quantity demanded is inversely related to price.