Major League Baseball teams are similar to other firms in that they use factors of production to produce a product (baseball games). An example of capital used by teams to produce their products is
A) the ballparks where the games are played.
B) the labor of baseball players.
C) the money teams earn from television contracts and ticket sales.
D) the land on which baseball games are played.
A
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Developing countries with large informal sectors tend to have firms that invest less in capital equipment
Indicate whether the statement is true or false
The opportunity cost of constructing a new public highway is the:
A. Money cost of hiring contractors and construction workers for the new highway B. Value of other goods and services that are sacrificed in order to construct the new highway C. Expected cost of constructing the new highway in a future year D. Value of shorter driving times and distances when the new highway is completed
Exports will decrease when there is
A) an increase in the real exchange rate. B) an increase in domestic output. C) an increase in foreign output. D) all of the above E) none of the above