If a nation uses all of its resources to produce capital goods, that will
a. force the government to increase its spending
b. leave the production function unchanged
c. rapidly increase the profitability of business firms
d. raise income and capital gains taxes
e. leave no resources available to produce consumption goods
E
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Which of the following is NOT possible according to the law of demand?
A) a horizontal demand curve B) a vertical demand curve C) a downward-sloping supply curve D) an upward-sloping demand curve
For the United States since 1950, imports as a percentage of GDP has
A) tripled. B) increased slightly. C) remained constant. D) decreased.
In macroeconomics, it is impossible to include many individual markets in a single data source
a. True b. False
Autarky is a situation in which a country is economically
A. dependent on trade. B. underdeveloped. C. self-sufficient. D. destroyed.