In the economic way of thinking, an example of "capital" might include
A) literacy.
B) natural resources.
C) knowledge.
D) stable rules of the game.
E) all of the above.
E
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The U.S. economy is not a perfectly competitive market. There are costs associated with negotiating contracts, enforcing agreements, taxes and less than perfectly competitive firms. Nevertheless, according to Wallis and North (1986), the U.S
economy has grown in the presence of these transaction costs and these costs have risen sharply as a percentage of GDP between 1890 and 1970. Indicate whether the statement is true or false
Since World War II, there have been ________ but ________ in the U.S. economy
a. no recessions; five depressions b. three depressions; no recessions c. recessions; no depressions d. depressions; no recessions
When actual output equals potential output there is ________ output gap and the rate of inflation will tend to ________.
A. an expansionary; decrease B. an expansionary; increase C. no; remain the same D. a recessionary; increase
What is the formula you should use to determine a bank account's future value in one year?
A) Future value equals the present value multiplied by one plus the rate of interest in decimals. B) Future value equals the present value divided by one plus the rate of interest in decimals. C) Future value equals the present value plus the rate of interest. D) Future value equals the present value minus the rate of interest.