Which of the following is an example of physical capital?
a. Money
b. Education
c. Minerals
d. Labor
c
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To cut inventories, firms produce ________ and real GDP ________, which ________ people's incomes
A) less; rises; lowers B) less; falls; lowers C) less; rises; raises D) more; falls; lowers E) more; rises; raises
Colombia produces coffee with less labor and land than any other country. This implies that it has:
a. a comparative advantage in coffee production. b. a perfectly elastic demand curve for coffee. c. a perfectly inelastic supply curve of coffee. d. an absolute advantage in coffee production.
For this question, assume that the economy is initially operating at the natural level of output. A reduction in taxes will cause
A) an increase in the real wage in the medium run. B) a reduction in the real wage in the medium run. C) no change in the nominal wage in the medium run. D) ambiguous effects on the real wage in the medium run. E) none of the above
Imperfect competition and market power
A. are always the result of product differentiation. B. result from diseconomies of scale. C. result in higher output than in perfect competition. D. are major sources of inefficiency.