Equipment used to produce other goods and services are called:
A. financial capital.
B. inventories.
C. human capital.
D. physical capital.
Answer: D
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In the Keynesian model an expansionary gap will develop if there is:
A. too much spending. B. too little spending. C. stabilization policy. D. an increase in average labor productivity.
Given the data in the above table, income of $13, a price of $1 for a bottle of water and $2 for a hamburger, what is the quantity of water and the quantity of hamburgers that will maximize the consumer's total utility?
A) 5 bottles of water and 4 hamburgers B) 4 bottles of water and 4 hamburgers C) 1 bottle of water and 6 hamburgers D) 6 bottles of water and 6 hamburgers
Using community indifference curves to reflect tastes of the community
A) is a simple extension of indifference curve analysis because people are so different. B) cannot usually be done because the community may have inconsistent tastes even though its residents do not. C) is a simple extension of indifference curve analysis if people are all alike. D) Both B and C.
Assume that black beans and rice are staples in the diet of one particular family. How could you tell if these goods were complements, substitutes, or unrelated goods?
a. If the price of black beans rose and the consumption of rice remained the same, they would be substitutes. b. If the price of black beans rose and the consumption of rice increased, they would be substitutes. c. If the price of black beans rose and the consumption of rice decreased, they would be substitutes. d. If the price of black beans rose and the consumption of both goods remained the same, they would be complements. e. There is no way to determine whether these goods are complements, substitutes, or unrelated goods.