In economics, the term physical capital
A) refers to funds used by businesses to acquire goods and services.
B) refers to all manufactured resources used for production.
C) refers to the process of raising funds through the stock market.
D) refers to the stock of merchandise already produced.
Answer: B
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Using the supply and demand equations for wheat, solve for the equilibrium price and quantity as functions of I and r
What will be an ideal response?
The balance of payments is:
a. the difference between the dollar value of exports and the dollar value of imports. b. the same as the merchandise account. c. a summary statement of all international trade transactions of one country with the rest of the world. d. a summary statement of all domestic exchanges of goods and services between producers and buyers. e. a record of the amount of U.S. dollars held abroad.
A monopoly is most likely to emerge in a market when
a. the producers in the market have U-shaped average total cost curves. b. the price elasticity of demand for the product is high. c. the cost of entry and exit into the market is low. d. economies of scale are large relative to market demand.
Other things being equal, a reorganization of the OPEC cartel to permit it to increase world oil prices by 70 percent would most likely have which effect?
A. It would shift the aggregate demand curve right. B. It would shift the aggregate supply curve right. C. It would shift the aggregate demand curve right and the aggregate supply curve left. D. It would shift the aggregate supply curve left.