________ is gross investment minus ________
A) The capital stock; net investment
B) The capital stock; depreciation
C) Depreciation; replacement investment
D) Net investment; depreciation
D
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In the two-period model with asymmetric information, a bank
A) creates money. B) keeps money safely. C) multiplies reserves. D) borrows and lends.
If Debbye is willing to pay $50 for a pair of shoes but only has to pay $20 because the shoes are on sale, then her consumer surplus on that pair of shoes is
a. $50 b. $20 c. $70 d. $30 e. $25
Which of the following statements about economists' assessment of protectionism is true?
A) The costs and benefits of trade barriers are essentially equal. B) The benefits of trade restrictions exceed their cost. C) The costs of trade barriers exceed their benefits and generally result in inefficiency. D) It is not possible to estimate the costs of protection.
Economies of scale are indicated by:
A. the rising segment of the average variable cost curve. B. the declining segment of the long-run average total cost curve. C. the difference between total revenue and total cost. D. a rising marginal cost curve.