In economics, the term "capital" refers to
A) the money in one's pocket.
B) buildings and equipment.
C) mineral resources.
D) consumer goods.
B
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If the consumption function is C = 25 + 0.9y and income increases by $100, then consumer spending will increase by
A) $10. B) $25. C) $90. D) $115.
A country's gross national product (GNP) is
A) the value of all final goods and services produced by its factors of production and sold on the market in a given time period. B) the value of all intermediate goods and services produced by its factors of production and sold on the market in a given time period. C) the value of all final goods produced by its factors of production and sold on the market in a given time period. D) the value of all final goods and services produced by its factors of production and sold on the market. E) the value of all final goods and services produced by its factors of production, excluding land, and sold on the market in a given time period.
A supply curve can be thought of as
a. a graphical display of "market potential." b. a graphical representation of the information in a supply schedule. c. showing the maximum quantities that firms are able to produce. d. a forecasting tool. e. All of the above are correct.
If the unemployment rate increases from 4 percent to 10 percent, then the economy is mostly likely in a(n):
A. expansion. B. aggregation. C. recession. D. boom.