Financial institutions that accept deposits and make loans are called
A) exchanges.
B) banks.
C) over-the-counter markets.
D) finance companies.
B
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The principle of diminishing returns to capital states that if the amount of labor and other inputs employed is held constant, then the greater the amount of capital in use the
A. the less an additional unit of capital adds to production. B. less is produced. C. the more an additional unit of capital adds to production. D. less production is wasted.
Each firm in perfect competition:
A. follows the pricing decisions of other firms. B. follows the output of other firms. C. follows the reactions of competitors. D. sets quantity based on market price.
The growth of the labor force and the growth of labor productivity help determine the rate of GDP growth.
Answer the following statement true (T) or false (F)
To make accurate economic forecasts, economists must know not only which way the economy is heading but also ______.
a. accurate statistics for the last five years b. which economic theory the president favors c. how rapidly the economy is changing d. the history of past economic policies