All of the following are examples of capital except
a. the robot used to help produce your car
b. a computer used by your professor to write this exam
c. the factory that produces the costume jewelry you buy
d. the inventory of unsold goods at your local hardware store
e. an uncut diamond that you discover in your backyard
E
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The federal government ran a budget deficit of approximately ________ in fiscal year 2011
A) $14 trillion B) $800 billion C) $250 billion D) $1.3 trillion
Consider a market for used cars. Suppose there are only two kind of cars: lemons and good cars. A lemon is worth $1,500 both to its current owner and to anyone who buys it. A good car is worth $6,000 to its current and potential owners
Buyers can't tell whether a car is a lemon until after they have bought the car. What do economists call the problem that buyers of used cars face? What is the price of a used car? Explain and substantiate your answer.
The market supply curve can be derived by
A) vertically adding the individual supplies at each quantity level. B) multiplying the price and quantity supplied at each price level. C) horizontally adding the individual supplies at each price level. D) looking at the capacity utilization in the largest firms in the industry.
High-school athletes who skip college to become professional athletes
a. obviously do not understand the value of a college education. b. usually do so because they cannot get into college. c. understand that the opportunity cost of attending college is very high. d. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high-school athletes.