A decrease in the capital stock would be expected to
a. decrease the labor force.
b. increase the level of output.
c. decrease real GDP per capita.
d. increase real GDP per capita.
c
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If a dollar today will likely have more purchasing power because of inflation, then a dollar a year from now ________ a dollar today
A) will be more valuable than B) will have the same value as C) will be less valuable than D) may be more valuable or less valuable than
Rank the price elasticities of the following goods in descending order (from highest to lowest)
a. chewing gum, sport shirt, 4-bedroom house b. 4-bedroom house, chewing gum, sport shirt c. chewing gum, 4-bedroom house, sport shirt d. 4-bedroom house, sport shirt, chewing gum e. sport shirt, chewing gum, 4-bedroom house
Government failure occurs when
a. fewer public goods are produced than private goods b. more public goods are produced than private goods c. less than the socially optimal quantity of public goods is produced d. more than the socially optimal quantity of public goods is produced e. special interests emerge in the market
Jimmy's Bakery has an absolute advantage in producing bagels. Which of the following is true of the bakery? a. It produces bagels at a lower opportunity cost than other bakeries
b. It uses more inputs in the production of bagels than other bakeries. c. It is able to produce bagels at a lower production cost than other bakeries. d. It experiences diseconomies of scale in the production of bagels.