Which of the following would an economist classify as capital?
A. 100 shares of Microsoft stock.
B. $50 bill.
C. credit card.
D. lawyer's personal computer.
Answer: D
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If the rate of extraction of a renewable resource is greater than its rate of replenishment, the price of the resource is likely to fall in future
a. True b. False Indicate whether the statement is true or false
The use of countercyclical monetary and fiscal policy by the government and the Fed to steady the economy is known as
a. discretionary policy b. monetarist policy c. creative policy d. stabilization policy e. institutional policy
When the output of an economy exceeds the economy's full-employment capacity,
a. aggregate supply will increase until the economy can produce the output at the existing price level. b. the actual rate of unemployment will be less than the natural rate. c. wage rates and resource prices will tend to fall. d. interest rates will decline and help direct the economy back to full employment.
An increase in the price of oil will likely cause which of the following?
A) increase the markup in the Phillips curve equation B) increase the sum "m + z" in the Phillips curve equation C) increase the natural rate of unemployment D) all of the above E) none of the above