Which of the following is included in the economist's definition of investment?
A. the purchase of new machines, factories, or houses
B. the purchase of a rare coin or a deposit in a savings account
C. the purchase of a share of stock
D. All of the above
Ans: A. the purchase of new machines, factories, or houses
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In the long run in a monopolistically competitive market, a firm will, in theory,
A) earn economic profits. B) suffer losses. C) break even. D) earn zero accounting profits.
If Bella's Pizza, a local pizzeria, purchases canned tomatoes from a grocery store to make their pizza sauce, this is an example of ________.
A) forward integration B) backward integration C) outsourcing D) using a spot market
In 1791, what percentage of America's clothing was homemade?
a. 10%–20% b. 30%–40% c. 60%–80% d. 95% or more
Does a subsidy to sellers affect the supply curve?
A. Yes, it shifts supply vertically downward by the amount of the subsidy. B. Yes, it shifts supply to the right by the amount of the subsidy. C. No, the quantity supplied will increase, but the supply curve does not move. D. No, the quantity supplied will decrease, but the supply curve does not move.