Over many years the capital stock in the United States has grown to approximately
A. $40 trillion.
B. $90 trillion.
C. $20 trillion.
D. $80 trillion.
Answer: D
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After purchasing a coffee cup from your local gas station for $5.00, you can always refill your cup for $0.50. The marginal cost of your 10th cup of coffee purchased at the gas station is:
A. $0.50. B. $5.00. C. $10.00. D. $5.50.
If the price level in an economy rises and its output level decreases as it gravitates toward its potential GDP, then: a. a policy to manipulate the aggregate supply is being used
b. an active approach to correcting a recessionary gap is being used. c. an active approach to correcting an expansionary gap is being used. d. a passive approach to correcting a recessionary gap is being used. e. a passive approach to correcting an expansionary gap is being used.
In 2015, U.S. GDP was almost
a. $18 trillion. b. $15 trillion. c. $14 trillion. d. $12 trillion.
If an economist wanted to understand why people don't buy life insurance, he would want to use the deductive approach.
Answer the following statement true (T) or false (F)