Intel's capital at the end of the year equals Intel's capital at the beginning of the year
A) plus net investment.
B) plus depreciation.
C) minus its stock dividends.
D) plus gross investment.
E) minus depreciation.
A
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According to the Keynesian approach, a decrease in taxes
A) will decrease consumption, as the government will have to spend less. B) will not impact consumption, as most consumption is autonomous. C) will increase consumption exactly by the amount of the taxes. D) will increase consumption by an amount of less than the change in taxes.
When the government's outlays equal its tax revenues, then the budget
A) is balanced. B) could be either in surplus or deficit. C) is legal only because expenditures equal tax revenues. D) is in surplus. E) is in deficit.
When interdiction efforts manage to stem the flow of illegal drugs into the United States, assuming no change in demand, the price of these substances rises. This price increase leads to more crime as addicts attempt to maintain their now more-expensive habits. Economists call this side-effect of the drug business
a. the illusion of rationality. b. an externality. c. the cost disease of personal services. d. inflation. e. unemployment.
Related to the Economics in Practice on page 102: Harriet runs a corner delicatessen and one day decides to raise her prices by 20 percent. Total revenue is likely to ________ when she first raises prices since demand is relatively ________ in the short term.
A. fall; inelastic B. fall; elastic C. rise; inelastic D. rise; elastic