Which of the following do economists consider to be capital?
A. a pair of stockings
B. a share of IBM stock
C. a construction crane
D. a savings account
Answer: C
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For the monopolistic competitor, which of the following is INCORRECT?
A) Because the firm is not a perfect competitor, its demand curve slopes downward. B) The marginal revenue curve is downward sloping and lies below the demand curve. C) The profit-maximizing rate of output arises at the point at which the marginal cost curve intersects the marginal revenue curve. D) If the firm in a monopolistically competitive industry were making economic losses, new firms will enter the industry.
First-mover advantage is a characteristic of
a. A simultaneous-move game b. A dominant strategy c. A sequential-move game d. All of the above
Suppose a U.S.-made machine costs $500 and the exchange rate is 100 yen = $1 . A Japanese firm purchasing this machine would pay
a. 100 yen b. 500 yen c. 5,000 yen d. 10,000 yen e. 50,000 yen
Consumer surplus is the area located on the demand and supply graph ________ the equilibrium price point
a. below b. at the same point as c. above d. it is not found on the demand and supply graph