Which of the following best describes the economy's stock of equipment and structures?
a. capital
b. aggregate demand
c. long-term inventory
d. aggregate stock
a
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The farmer pays 20 cents for the seed that is sold to the miller for 35 cents; the miller makes flour and sells it to the baker for 55 cents. The baker makes bread and sells it to the grocery store for 80 cents and the store sells it to consumers for $1.00. The contribution to Gross Domestic Product (GDP) is
a. $1 b. $2 c. $3 d. $4
Suppose a worker signs a contract containing an 8 percent nominal wage increase with inflation expected to be 3 percent. Inflation turns out to be 6 percent, but the contract also contains 60 percent COLA protection
The worker's real wage under the contract A) falls by 1.2 percent. B) falls by 2.4 percent. C) rises by 3.8 percent. D) rises by 3.0 percent. E) rises by 1.8 percent.
The above figure shows the demand and supply curves in the market for milk. Currently, the market is in equilibrium
If the government imposes a $2 per gallon tax to be collected from sellers, calculate the dead weight loss associated with the tax, and explain why the dead weight loss occurs.
Which of the following is true?
a. Markets determine what goods are going to be produced, but not the distribution of output among members of society. b. Markets determine the distribution of output among members of society, but not what goods are going to be produced. c. Markets determine both what goods are going to be produced and the distribution of output among members of society. d. Government can redistribute income without changing what will be produced in a society.