Which of the following is counted as "capital" in economics?
A) the money people have
B) the wealth people have
C) the machines workers have to work with
D) the labor force
Ans: C) The machines workers have to work with
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A political candidate promises voters more funding for AIDS research and child care and assures them they will not have to sacrifice any other goods or services to obtain the additional programs.
A. This may be possible if the economy has unemployed resources. B. This is possible only in a fully employed economy. C. This is possible if the economy is producing on its production possibilities curve. D. None of the choices are possible.
The "shoe-leather" cost of a fully anticipated inflation is
A) the inconvenience of holding less cash. B) the higher prices of imported raw materials due to currency depreciation. C) the extra time spent on shopping in order to beat price increases. D) the effort of changing posted prices on price tags and producing new price lists and catalogs.
Both the principles of rivalry and mutual excludability apply for club goods
a. True b. False Indicate whether the statement is true or false
The economic effects of a quota are identical to those of a tariff
a. True b. False Indicate whether the statement is true or false