Hughes and Cain (2011) talk about falling levels of investment during the Great Depression. What does the "investment" that they are talking about refer to?
(a) Engineering ideas behind the industry of the era
(b) Money loaned by banks to consumers
(c) Land, labor, and equipment used in production
(d) Tools, equipment, machines, and buildings used in production
(d)
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According to official statistics in the United States, a person is classified as poor
A. if the person's money income is below the poverty income threshold. B. only if the person's money income is below the poverty income threshold AND the person is not working. C. only if the person's money income is below the poverty income threshold AND the person is homeless. D. if the person's money income and the value of non-cash transfers is below the poverty income threshold.
Alpha, Beta, and Gamma are in an oligopoly. Rogue and Pulty are two of the key suppliers to the industry. Which action helps strengthen the oligopoly?
a. Beta purchases Rogue during a vertical merger. b. Pulty raises the prices for the goods its supplies. c. Gamma switches its supplier contract from Rogue to Pulty. d. Alpha agrees to use Rogue as its sole supplier.
Diminishing returns to labor implies that eventually the marginal product of labor will become negative.
a. true b. false
Economic profits are maximized at the point at which
A. accounting profits are equal to zero. B. marginal revenues equal marginal costs. C. accounting profit exceeds economic profit. D. total revenues are greater than total costs.