income expressed in current year dollars
What will be an ideal response?
nominal income
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The consumption of fixed capital in each year's production is called ________.
A. net investment B. depreciation C. indirect business taxes D. inventory reduction
Suppose that Nepal invests less in new factories and equipment than does the United States. This will likely cause:
A. The U.S.'s production possibilities curve to shift inward faster than Nepal's. B. The U.S.'s production possibilities curve to shift outward faster than Nepal's. C. Nepal's production possibilities curve to shift inward faster than the U.S.'s. D. Nepal's production possibilities curve to shift outward faster than the U.S.'s.
The knowledge and skills that make workers productive are referred to by economists as:
A. human capital. B. simultaneous consumption. C. increasing returns. D. resource allocation.
Refer to the information provided in Table 14.3 below to answer the question that follows. Table 14.3B's Strategy ?AdvertiseDon't Advertise??A's profit $75 millionA's profit $200 million?AdvertiseB's profit $75 millionB's profit $50 millionA's Strategy????Don'tA's profit $50 millionA's profit $100 million?AdvertiseB's profit $200 millionB's profit $100 millionRefer to Table 14.3. If both firms follow a maximin strategy, the equilibrium in the game is
A. (Advertise, Don't Advertise). B. (Advertise, Advertise). C. (Don't Advertise, Advertise). D. (Don't Advertise, Don't Advertise).