The nation's stock of capital can increase only when net new investment takes place
a. True
b. False
Indicate whether the statement is true or false
True
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Jack swapped his basketball for Jim's glove. Even if national income accountants were aware of this trade, they wouldn't include it in their GDP measure because
A) it was an unproductive exchange. B) the basketball and glove were not final goods. C) this was not a market transaction. D) it failed to increase the wealth of both traders. E) there is no satisfactory way to determine market values for bartered goods, new or used.
Refer to the figure above. With free trade, the total quantity of imports would equal
A) 10,000 units. B) 20,000 units. C) 22,000 units. D) 30,000 units.
The notion that regulated industry members themselves, sooner or later, are able to control regulatory bodies is referred to as
A) consumerism. B) cartelization. C) the capture theory. D) the control theory.
Suppose the short-run supply curve is a straight line of slope +1 that intersects the origin. The long-run supply curve will be
A) horizontal. B) steeper. C) shallower. D) vertical.