A renewable resource:
A. can be replenished naturally over time.
B. is used to regenerate an old piece of capital.
C. is used when adopting new technology, and replacing old capital.
D. cannot be replenished naturally over time.
A. can be replenished naturally over time.
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Contrast the actions the central bank of a country should take when an economy is in recession with production substantially below its potential gross domestic product (GDP) and those needed when an economy is producing in overdrive above potential GDP
The Phillips Curve will shift when
A. the expected inflation rate changes. B. the overall employment rate remains unchanged. C. the price level falls. D. none of these.
In a Lorenz curve, perfect income equality is represented by
A) a vertical line. B) a horizontal line. C) a rectangular hyperbola. D) a 45-degree line originating from the origin.
If economic profits are earned in a competitive market, then over time
A. Normal profit will fall to zero as more firms enter. B. The market supply curve will shift to the left. C. Equilibrium price will rise as more firms enter. D. Additional firms will enter the market.