We calculate the amount of physical capital in an economy by adding up the value of all:
A. tools, equipment, and structures.
B. skills and expertise of all employed people.
C. skills and expertise of the working age population.
D. technological capabilities used in production.
A. tools, equipment, and structures.
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When two goods are related such that an increase in the price of one good decreases the quantity demanded of the other good, these goods are definitely
A) normal goods. B) luxury goods. C) complements. D) substitutes. E) inferior goods.
An expansionary monetary policy shifts the LM curve to the ________, reducing ________, everything else held constant
A) left; output and increasing interest rates B) left; both real output and interest rates C) right; both interest rates and real output D) right; interest rates and increasing real output
A util represents a unit of measurement for the
a. dollars a consumer spends on a good b. consumer surplus earned when paying less than he/she would have been willing to spend c. way a consumer responds to a change in price d. happiness a person obtains from consuming a good e. consumer surplus a person acquires when buying a good at less than market price
Refer to the graph above which shows the supply and demand for money where Dm1, Dm2, and Dm3 represent different demands for money and Sm1, Sm2, and Sm3 represent different levels of the money supply. The initial equilibrium point is A. What will be the new equilibrium point following an autonomous increase in the asset demand for money?
A. C
B. D
C. G
D. I