Using the information in the table above, depreciation equals
A) -$90 billion.
B) $90 billion.
C) -$70 billion.
D) some amount that cannot be determined.
B
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From 1970 to 2010, as a fraction of GDP, the quantity of money that people and businesses have held has been
A) independent of people's use of credit cards. B) increasing. C) decreasing. D) fluctuating erratically. E) changing only as the interest rate changed.
The long-run price elasticity of demand is usually larger than the short-run price elasticity of demand because:
a. demand curves tend to become steeper over time. b. economists take the absolute value of long-run price elasticities but not of short-run elasticities. c. people have more time to find substitute goods. d. incomes tend to rise over time. e. supply curves change over time.
Which of the following would likely lead to a tragedy of the commons?
a. Causing a reduction in the fish population by overfishing an area b. Polluting the ocean and causing the death of numerous fish varieties c. Allowing professional fishermen to fish in international waters d. Failing to regulate the practices of the fishing industry
A risk-neutral individual would:
A. prefer a risky prospect with the expected value of $0.50 to $5 with certainty. B. be indifferent between a risky prospect with an expect value of $5 to a certain amount of $5. C. prefer a risky prospect with an expected value of $5 to a certain amount of $5. D. prefer $5 with certainty to a risky prospect with the expected value of $5.