Gross private domestic investment includes business:
a. purchases of capital goods, all new construction, and purchases of consumer durable goods.
b. purchases of capital goods, all new construction, and inventory investment.
c. purchases of capital goods, all new commercial construction, and inventory investment.
d. purchases of capital goods, all new residential construction, and inventory investment.
e. purchases of all types of durable goods, all new construction, and inventory investment.
b
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If the marginal propensity to consume (MPC) equals 0.9, the multiplier is _____
a. 1 b. 2 c. 5 d. 10 e. 12
Explain how an increase in American interest rates will lead to an appreciation of the U.S. dollar vis-à-vis the British pound
Marginal cost:
A. increases then decreases, as output increases, to reflect marginal product. B. is calculated as change in total output divided by change in total cost. C. is calculated as change in total cost divided by change in total output. D. None of these is true.
Sam has two jobs, one for the winter and one for the summer. In the winter, he works as a lift attendant at a ski resort where he earns $13 per hour. During the summer, he drives a tour bus around the ski resort, earning $11 per hour. If Sam takes fewer hours of leisure in the winter than in the summer, we can assume that his labor supply curve for the range of earnings in this example
a. is horizontal. b. is vertical. c. is upward sloping. d. has a backward-sloping portion.