Which of the following would an economist classify as capital?
A. a $100 traveller's check
B. a government savings bond
C. a new deposit of natural gas
D. a police car
Answer: D
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A quasi-public good is similar to a public good in that one person's consumption of the quasi-public good does not reduce the amount available for everyone else
Indicate whether the statement is true or false
If firms pay efficiency wages, they pay wages that
A) are mandated by the government. B) will eventually lower the unemployment rate. C) motivate workers to increase their productivity. D) are lower than average to ensure maximum profit.
Which of the following is the best example of a public good?
a. a government-run health care system b. the Walt Disney World amusement park c. national defense d. long-distance telephone service
When the actual GDP equals the full-employment level of GDP, the
a. economy is in long-run equilibrium. b. price level must be rising. c. expected inflation must be zero. d. aggregate supply curve is not constrained by the scarcity of resources.