Refer to the information provided in Table 24.3 below to answer the question(s) that follow.
Table 24.3
Refer to Table 24.3. At an output level of $2,400 billion, there is an unplanned inventory change of
A. negative $200 billion.
B. positive $200 billion.
C. positive $100 billion.
D. zero.
Answer: D
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The accumulated training and education that you have is
A) physical capital. B) entrepreneurship. C) economic goods. D) human capital.
Using the above table, a unit tax of $2 is imposed on the product. How much of the tax is paid by the producer?
A) $2 B) $1 C) $3 D) unable to determine
If corn and wheat are alternative pursuits for a farmer, a change in the supply of corn will take place when, ceteris paribus,
A. The demand for corn changes. B. The price of wheat changes. C. The price of corn changes. D. Consumers want to buy more corn at the same price.