Changes in the amount of goods produced, but not sold in a given year is called:
A) inventory investment
B) business fixed investment
C) residential fixed investment
D) consumption
A
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At a perfectly competitive firm’s profit-maximizing level of output, its total revenue is $200 and its short-run variable cost is $225. The firm
A. has a loss of $25. B. should shut down. C. should increase output to reduce losses. D. should raise the price of its product.
Which of the following sources of productivity is the most difficult to acquire?
A) education B) experience C) talent D) training
Considering a given increase in price due to a tax, the less price elastic the demand curve is, the:
A. larger the drop in equilibrium quantity. B. smaller the amount of deadweight loss created. C. larger the amount of deadweight loss created. D. more surplus that is transferred to consumers.
A television broadcast is an example of a good that is
a. private. b. not rival in consumption. c. social. d. normal.