________ is an example of tangible capital.
A. A pet store's unsold, unopened bags of dog food
B. The goodwill a firm has established through charitable giving
C. An idea for a new business
D. Knowledge of how to operate a forklift
Answer: A
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The higher the inflation differential between countries, the less likely it is that relative PPP will hold
Indicate whether the statement is true or false
Automatic stabilizers stabilize the level of real GDP because:
a. Congress quickly changes spending and tax revenue. b. federal expenditures and tax revenues change as the level of real GDP changes. c. the spending and tax multiplier are constant. d. wages are controlled by the minimum wage law.
The Wacky Widget company has total fixed costs of $100,000 per year. The firm's average variable cost is $10 for 10,000 widgets. At that level of output, the firm's average total costs equal
a. $10 b. $15 c. $20 d. $25
In markets with imperfect information:
A. buyers and sellers will use resources to acquire information before making decisions. B. buyers will use resources to acquire information before making a decision, but sellers do not need to acquire additional information before making a decision. C. sellers will use resources to acquire information before making a decision, but buyers do not need to acquire additional information before making a decision. D. neither buyers nor sellers will be able to acquire information in order to make decisions.