Which of the following is not an example of a capital good?
a. a pencil sharpener in an office
b. an oven in a pizza restaurant
c. a sawing machine at a local lumber yard
d. a computer in a business
e. a teacher's ability to speak two languages
E
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Which of the following is true?
a. During any given year, the size of the economic pie available for allocation to individuals is fixed. b. When the link between worker productivity and reward is weakened, individuals have less incentive to create income. c. If they reduce income inequality, taxes and income transfers will not alter the incentive of individuals to engage in productive activity. d. The total output of an economy is unrelated to the distribution of income.
When two variables have a negative correlation and the x-variable decreases,
a. the y-variable increases. b. the y-variable decreases. c. the y-variable stays the same. d. the x-variable can never be positive.
The quantity theory of money concludes that if real output is constant:
A. changes in velocity are proportional to changes in nominal income. B. changes in the price level are caused by changes in the money supply. C. real GDP and the money supply are related in the long run. D. changes in velocity are proportional to changes in the money supply.
A monopoly is an industry with a single firm which produces
A. a product for which there are no close substitutes. B. a product for which there are many close substitutes. C. a standardized product. D. a product for which there are a few close substitutes.