Among the different stages of red wine production (selection of grapes, crushing, fermentation, blending and fining, adding preservatives, filtration and bottling), the first stage-selection of grapes is called the downstream and the final stage-packaging/bottling is called the upstream
Indicate whether the statement is true or false
F
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Economists define investment as the purchase of
A) a new physical asset such as a new machine or a new house. B) any physical asset, whether new or not, used by business to increase production. C) any physical asset used by business to increase production and the repurchase of common stock. D) business spending on capital and household spending on durable goods.
If the government replaces a lump sum tax with a proportional labor income tax, then
A) employment and output increase. B) employment increases and output decreases. C) employment decreases and output increases. D) employment and output decrease.
If bundle A lies on an indifference curve and bundle B lies to the right of the curve, the individual
a. prefers bundle A to bundle B. b. prefers bundle B to bundle A. c. enjoys bundle A and B equally. d. must receive more of both—with bundle B.
A curve depicting the relationship between the average price level and the inflation-adjusted quantity of final goods and services produced in the economy is called an
A. aggregate expenditure curve. B. aggregate demand curve. C. aggregate supply curve. D. aggregate income curve.