Residential structures and inventories are examples of tangible capital.
Answer the following statement true (T) or false (F)
True
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
If diminishing marginal returns is in effect
A) marginal costs fall. B) marginal costs rise. C) average costs fall. D) average revenue is constant.
The "exotic" mortgage instrument of recent years is exemplified by the
A. "traditional" mortgage. B. "magical-mystery" mortgage. C. "interest-only" mortgage. D. bank mortgage loan.
The ability to produce a good at a lower opportunity cost than someone else is called
A) competitive production. B) comparative advantage. C) selective advantage. D) absolute advantage.