Which of the following is the best example of investment as defined by economists?
A.
A restaurant owner buys a freezer to store ingredients for the restaurant meals
B.
A college professor buys a truck to drive around in
C.
A business manager purchases stock on the New York Stock Exchange
D.
A worker deposits money into a long-term retirement account
A.
A restaurant owner buys a freezer to store ingredients for the restaurant meals
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Katy Perry's latest album is protected from other artists using her lyrics because of:
A. Specialization B. Opportunity costs C. Property rights D. Incentives
Use the following diagram to answer the next question.
The move from point 1 to point 2 in the diagram represents ________.
A. a decrease in both the unemployment rate and the inflation rate B. a decrease in the unemployment rate and an increase in the inflation rate C. an increase in the unemployment rate and a decrease in the inflation rate D. an increase in both the unemployment rate and the inflation rate
If a firm doubles the amount of labor it uses and triples the amount of capital it uses but its level of output less-than-triples as a result, what can be said about the firm's returns to scale?
A. This firm has increasing returns to scale. B. This firm has decreasing returns to scale. C. This firm has constant returns to scale. D. Nothing can be determined about this firm's returns to scale based on the information given.
A decrease in the price of large tractors imported into the United States from Russia
a. leaves the GDP deflator unchanged but decreases the consumer price index. b. decreases the GDP deflator but leaves the consumer price index unchanged. c. decreases both the GDP deflator and the consumer price index. d. leaves both the GDP deflator and the consumer price index unchanged.