Using the income approach, an estimate of the value of capital worn out producing GDP is:
A. indirect business taxes.
B. capital consumption allowance or depreciation.
C. gross private domestic investment.
D. capital erosion estimate.
Answer: B
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The basic concepts used in the analytic framework of this text include all of the following EXCEPT
A) the not-for-profit nature of most financial institutions. B) a basic supply and demand analysis to explain the behavior of financial markets. C) an approach to financial structure based on transaction costs and asymmetric information. D) the concept of equilibrium.
Refer to the game between James and Theodore depicted in Figure 12.1. Which of the following is true?
A. If James chooses Up, Theodore's best response is to choose Left.
B. If James chooses Down, Theodore's best response is to choose Right.
C. If Theodore chooses Left, James's best response is to choose Down.
D. If Theodore chooses Right, James's best response is to choose Up.
In most areas, there are a large number of qualified primary care physicians whose services are highly personalized. In addition to price, factors such as age, sex, location, and personality influence the choice of physician. The primary care physician market is probably: a. perfectly competitive
b. oligopolistic. c. monopolistic. d. monopolistically competitive.
The dynamic process of competition
a. is hindered by the self-interest of business decision makers. b. puts the profit motive of sellers to work for buyers. c. conflicts with the interest of consumers when businesses pursue profit rather than the public interest. d. will permit business decision makers to earn long-run economic profit unless they are regulated by government.