Which government undertook significant infrastructure projects in the mid-1990s to improve roads and public works, which in turn increased the stock of physical capital and ultimately economic growth?
a. South Korea
b. the United States
c. Japan
d. China
c. Japan
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The level of investment necessary to keep the capital-labor ratio constant is called
A) capital investment. B) break-even investment. C) depreciated investment. D) diluted investment.
Table 10-1 Q (in units) AFC (in dollars) AVC (in dollars) MC (in dollars) 0 C C C 2 2.5 18 10 4 1.25 14 14 6 0.83 18 42 8 0.63 30 94 10 0.5 50 170 In Table 10-1 are the short-run cost schedules of a perfectly competitive firm. Below what price would the firm choose to shut down?
A. $50 B. $20 C. $18 D. $14
When demand is unit elastic
A) price and revenue move in opposite directions. B) price and revenue are not related. C) price and quantity demanded move in opposite directions. D) price and revenue move in the same direction.
The term "quantity demanded":
A. means the same thing as demand. B. refers to the amount of a product that will be purchased at some specific price. C. refers to the entire series of prices and quantities that comprise the demand schedule. D. refers to a situation in which the income and substitution effects do not apply.