One of the two criteria for a resource to be considered capital is that it must:
A) occur naturally.
B) be part of a factory or building.
C) be a skill or talent possessed by a person.
D) be possible to use it to produce other goods and services.
Ans: D) be possible to use it to produce other goods and services.
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Patents create monopolies by restricting
A) demand. B) prices. C) entry. D) profit.
If the natural rate of unemployment falls,
a. both the short-run Phillips curve and the long-run Phillips curve shift. b. only the short-run Phillips curve shifts. c. only the long-run Phillips curve shifts. d. neither the short-run nor the long-run Phillips curves shift.
What does the phrase "owners' equivalent rent" mean?
A. It is the price of a home. B. It is the value of three years' worth of housing services. C. It is the value of a year's worth of housing services. D. It is the price of five years' worth of housing services.
New classical economists believe that if policy is correctly anticipated and if rational expectations hold, when the Fed increases the money supply the result will be a(n) ______________ in the price level and ____________________________
A) decrease; no change in Real GDP B) decrease; decrease in Real GDP C) increase; no change in Real GDP D) increase; increase in Real GDP