Which of the following is an example of physical capital?
a. the available knowledge on how to make semiconductors
b. a taxi-cab driver's knowledge of the fastest routes to take
c. bulldozers, backhoes and other construction equipment
d. All of the above are correct.
c
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If it costs $6.00 to go to the movies and $25.00 to go to a hockey game, Tom is maximizing his utility between movies and hockey if his marginal utility of movies is 12 units and his marginal utility from hockey is 25
Indicate whether the statement is true or false
When the government imposes a tariff on imported goods, it _____________ prices for domestic consumers, ________________ consumers' surplus and _________________ the producers' surplus for domestic producers.
A. raises; lowers; raises B. lowers; raises; raises C. lowers; raises; lowers D. raises; lowers; lowers E. none of the above
Federal government expenditures in the United States comprise about _____ of total government expenditures
a. 90 percent b. 75 percent c. 60 percent d. 45 percent
A price index can be constructed by: a. dividing the value of a market basket by the rate of inflation
b. dividing the current-year value of a market basket by the base-year value of the same market basket and multiplying by 100. c. multiplying the value of a market basket by the rate of inflation. d. multiplying the current-year value of a market basket by the base-year value of the same market basket and dividing by 100.