The national income accounts include a value for the amount of capital stock “used up” during the production of current output. This dollar amount is called
A. appreciation.
B. dollarization.
C. amortization.
D. depreciation.
Answer: D
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Gross income net of taxes is known as ________
A) Gross Domestic Product, or GDP B) disposable income C) Gross Domestic Product per capita D) retained earnings
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What will be an ideal response?
Which of the following is an example of a negative externality?
A. A consumer pays a higher price than another consumer does for the same product. B. There is an increase in injuries to pedestrians caused by accidents resulting from electronic billboards distracting drivers. C. Consumers pay a sales tax in addition to the price of a product. D. The opening of a new shopping mall increases the business of nearby restaurants.
Which of the following would cause the price elasticity of demand for a variable input to be greater?
A) the smaller the price elasticity of demand for the final product B) the longer the time period being considered C) the smaller the proportion of total costs accounted for by the variable input D) the harder it is for a variable input to be substituted for by other inputs