If a person wanted to raise some capital and was unable to borrow it, they could either ________ or _________.
Fill in the blank(s) with the appropriate word(s).
reduce consumption; work longer hours
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In order to increase the capital stock, society must divert ________ that could be otherwise used to increase the current supply of ________.
A. credit; labor B. money; labor C. money; consumer goods D. resources; consumer goods
"The unemployment rate is five percent" is an example of a normative statement
Indicate whether the statement is true or false
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
The supply of land is
A) perfectly elastic. B) elastic, but not perfectly elastic. C) perfectly inelastic. D) inelastic, but not perfectly inelastic.