The spending multiplier also applies to investment spending by businesses
a. True
b. False
Indicate whether the statement is true or false
True
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We calculate the amount of physical capital in an economy by adding up the value of all:
A. tools, equipment, and structures. B. skills and expertise of all employed people. C. skills and expertise of the working age population. D. technological capabilities used in production.
According to economist Joseph Schumpeter, technological advance is more likely to occur in a monopoly than in perfect competition
Indicate whether the statement is true or false
Product differentiation in monopolistically competitive markets ensures that, for profit-maximizing firms,
a. marginal revenue will equal average total cost. b. price will exceed marginal cost. c. marginal cost will exceed average revenue. d. average variable cost will be declining.
Which country has the highest health care spending as a percent of gross domestic product?
a. Japan b. Switzerland c. Canada d. Germany e. United Kingdom