Which of the following is not capital?
A) a computer in the office of an accountant
B) a migrant worker in the fields of California
C) a wrench in an auto-repair shop
D) a new machine used for producing microchips
Ans: B) a migrant worker in the fields of California
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A corporation is owned by its
A) employees. B) stockholders. C) CEO. D) board of directors.
The distribution of income among African-American families is more even than it is for the population as a whole
a. True b. False
Suppose the saving rate is initially greater than the golden rule saving rate. We know with certainty that an increase in the saving rate will cause
A) an increase in the rate of growth in the long run. B) a reduction in output per worker. C) a reduction in consumption per worker. D) all of the above E) none of the above
Suppose the price of a good rises. When will the resulting substitution effect reduce the quantity demanded of the good?
a. Always. b. Whenever the good is a non-Giffen good. c. Only when the good is normal. d. Only when the good is inferior.