One example of physical capital is the amount of savings that you have
Indicate whether the statement is true or false
FALSE
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List three key reasons to study economics
What will be an ideal response?
Which of the following characteristics is most important in differentiating between perfect competition and all other types of markets?
A) whether or not the product is standardized B) whether or not there is complete market information about price C) whether or not firms are price takers D) All of the above are equally important.
Which of the following does NOT occur when the price of a good increases?
A. The good becomes more expensive relative to all other goods. C. Consumers shift their purchases away from the more expensive good. D. The consumer is effectively poorer than before the increase in price.
The budget deficit is defined as
A) T - (G + TR), and this is negative. B) T - (G + TR), and this is positive. C) T + (G - TR), and this is negative. D) T + (G + TR), and this is negative.