A small economy starts the year with $1 million in capital. During the course of the year, gross investment is $150,000 and depreciation is $50,000. How big is the economy's stock of capital at the end of the yea
What will be an ideal response?
1,100,000
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The impact of an increase in the wage rate on labor supply will be represented by ________, assuming all else equal
A) a rightward shift of the labor supply curve. B) a leftward shift of the labor supply curve. C) an upward movement along the labor supply curve. D) a downward movement along the labor supply curve.
What is behavioral economics?
What will be an ideal response?
Japan did not lead the world in automobile production in the 1950s because _________________________.
Fill in the blank(s) with the appropriate word(s).
Feenstra and Taylor describe the "magnification effect" of trade. This effect describes how:
a. workers tend to complain more about trade than is justified. b. owners of capital can "magnify" their earnings if they are able to trade. c. small changes in relative prices as a result of trade lead to larger longrun changes in the real wage or rental of factors. d. unemployment is a big problem among workers but not capital because workers have to move when they are laid off.