Capital, as economists use the term, refers to
A. The cash needed to start a new business.
B. The costs of operating a business.
C. Final goods that are used to produce other goods and services.
D. Shares of stock issued by businesses.
Answer: C
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In official government statistics, the GDP deflator is actually calculated using:
A. a method called a chain-weighted index. B. the ratio of nominal GDP to real GDP from the year before it. C. a simpler approach, so the results are easily comparable. D. the value of a market basket that households typically purchase.
The figure below illustrates the impact of an export subsidy as imposed by a large country. No imports are permitted.
The consumption effect of the export subsidy is shown by area(s)
A. (d + i + j). B. b. C. (b + f + g). D. d.
Use the above table. What will the tax be when external costs are internalized?
A. $13 B. $12.20 C. $1.80 D. $14
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher