In economics, the term physical capital
A) refers to funds used by businesses to acquire goods and services.
B) refers to all manufactured resources used for production.
C) refers to the process of raising funds through the stock market.
D) defines the stock of merchandise already produced.
B
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Which of the following is a necessary characteristic of a public good? The good is
A) excludable. B) nonrival. C) nonexcludable. D) Both answers B and C are correct.
Market clearing prices can be volatile in a market with inelastic demand and inelastic supply
Indicate whether the statement is true or false
Exhibit 7-15 Long-run average cost
In Exhibit 7-15, diseconomies of scale are shown in the range of:
A. 0 to 500 units per week. B. 500 to 1,000 units per week. C. 1,000 to 2,000 units per week. D. zero per week.
If the GDP gap is negative, then:
A. the inflation rate is rising. B. actual GDP is less than potential GDP. C. potential GDP is less than actual GDP. D. the unemployment rate is falling.