An example of a capital good is
a. food produced by U.S. farmers in 2008
b. the car that your friend drives to school
c. a house owned and occupied by a family
d. the rent your friend paid last year for a college apartment
e. a share of General Electric Company stock
C
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Potential GDP focuses on the:
A) long-run supply side of the economy. B) long-run demand side of the economy. C) short-run supply side of the economy. D) short-run demand side of the economy.
Under what circumstances are the marginal expenditure for an input and the average expenditure always equal? Where there is a
A) competitive buyer. B) competitive seller. C) monopoly buyer. D) monopoly seller.
Suppose you have the following values for a short-run production process: Q = 20, VC = 100, FC = 600 and MC = 40. Given this, we know that the
A. marginal cost curve must be decreasing. B. marginal cost curve must be increasing. C. average cost curve must be increasing. D. average cost curve must be decreasing.
In the above figure, once on PPF2, a country would grow slowest by producing at point
A) A. B) B. C) C. D) D.