Nonresidential investment does NOT include
A. copy paper.
B. office chairs.
C. computers on desktops.
D. software.
Answer: A
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Because of the choices people make in the pursuit of profit, new growth theory argues that
A) technology growth slows down in the long-run. B) population growth increases will bring real GDP per person back to subsistence level. C) the capital stock experiences diminishing returns. D) the economy can enjoy persisting economic growth.
An example of an excludable good or service is a:
A. movie in a theater. B. city park. C. rainbow. D. levee system.
A competitive firm's long-run supply curve is
a. horizontal at the firm's break-even price. b. steeper than its long-run marginal cost curve. c. identical to its long-run average cost curve. d. more elastic than its short-run supply curve.
Classical macroeconomic theorists believed that economic downturns:
A. would not end quickly without government intervention. B. could be completely eliminated through increased government spending. C. would not lead wages to fall. D. would generally reverse themselves quickly without policy intervention.