Which of the following is an example of capital?
A. Money
B. A bulldozer
C. A CD
D. A U.S. Savings bond
B. A bulldozer
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According to the economic way of thinking, alcohol prohibition in the U.S
A) effectively destroyed peoples' incentives to produce and drink liquor. B) abolished the supply and demand process in liquor. C) led to a surge in prices and considerable profit opportunities for people willing to break the law. D) failed to make liquor truly illegal.
What would be the most likely effect in the market for OPEC oil if the U.S. were to impose a legal ceiling price on crude petroleum produced domestically? Assume their price is far below the current world price?
A) The demand would decrease. B) The demand would increase. C) The supply would decrease. D) The supply would increase. E) Only the quantity would change, not the demand or the supply.
The existence of network externalities implies that: a. the value of a network falls as the number of members rises. b. the opportunity cost of switching networks is higher for larger networks. c. smaller networks are more successful than larger ones
d. newer networks are more likely to become locked in. e. only the most efficient and superior technology prevails in the market.
The agreement that established a system of fixed exchange rates immediately following World War II is known as the: a. IMF agreement
b. World Bank agreement. c. Bretton Woods agreement. d. none of the above.