Investment includes:
A. the purchase of medical supplies by the National Guard.
B. an increase in corporate stock volumes during the year.
C. an increase in government purchases.
D. an increase in business inventories.
Answer: D
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
The above figure shows the isoquants for producing steel. When producing more than 20,000 tons there are
A) increasing returns to scale. B) decreasing returns to scale. C) constant returns to scale. D) economies of scale.
An increase in unemployment, ceteris paribus, may
A. Lead to decreased government expenditures. B. Reduce a budget surplus. C. Reduce a budget deficit. D. Lead to increased government revenues.
Output per labor-hour is used to measure the ________ of labor.
A. intelligence B. seriousness C. productivity D. effort