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 supply of land is
A) perfectly elastic. B) elastic, but not perfectly elastic. C) perfectly inelastic. D) inelastic, but not perfectly inelastic.
"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