Capital refers to
A. manufactured goods used to produce other goods or services.
B. the work and time for which employees are paid.
C. natural resources as well as "man"-made goods.
D. the person who assembles the needed resources to start a business.
A. manufactured goods used to produce other goods or services.
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According to the textbook, income inequality statistics can be misleading because
A) they are collected by the Census Bureau, whose objectivity cannot be trusted. B) they ignore the income mobility of individual families and households through time. C) they do not take into account inflation. D) they fail to be of use in policy proposals and debates.
Which school of thought believes that real GDP always equals potential GDP?
A) only classical B) only Keynesian C) Monetarist D) both Keynesian and classical
According to rational expectations theory,
a. there is absolutely nothing government can do, even in the short run, to reduce the economy's unemployment rate. b. the government can use fiscal policy such as increased government spending or lower tax rates to reduce unemployment. c. a modern extension of Keynesian economics exists. d. discretionary fiscal policy is essential for prolonged growth. e. market participants can be fooled in the long run by monetary and fiscal policy rules.
In general, with a monopolist's outcome, total surplus is:
A. the same as that of a competitive market. B. higher than that of a competitive market. C. lower than that of a competitive market. D. Any of these is possible.