The inputs into production of goods and services that are provided by nature, such as land, rivers, and mineral deposits are called
a. physical capital.
b. natural resources.
c. human capital.
d. technological knowledge.
b
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The objective of risk management is to
a. determine the level of risk that is “acceptable” to society b. evaluate and select the best policy approach to achieve the “acceptable” level of risk c. evaluate and select the policy initiative to achieve any level of risk d. (a) and (b) only e. (a) and (c) only
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
A tariff can best be described as
A. an excise tax on an imported good. B. an excise tax on an exported good. C. a government payment to domestic producers to enable them to sell competitively in world markets. D. a law that sets a limit on the amount of a good that can be imported.
If total spending exceeds total output, then
a. inventory levels will rise. b. inventory levels will remain constant. c. inventory levels will fall. d. output will eventually decrease.