Which of the following would an economist classify as capital?
a. 100 shares of Microsoft stock
b. a $50 bill
c. a credit card
d. a lawyer's personal computer
e. a bauxite mine in Jamaica
D
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Perfect competition has all of the following features except
a. large number of firms b. goods that are perfect substitutes c. no barriers to entry d. brand loyalty e. firm has insignificant market share
Cost minimization is the process of making optimal use of all of the inputs whose quantities are
a. set in the short run. b. set in the intermediate run. c. set in the long run. d. variable in the short and long run.
Government can support agricultural prices by
A. paying farmers not to produce in particular fields. B. paying farmers not to produce in particular fields and making it illegal to consume more than a specified amount. C. lending farmers enough at subsidized interest rates to expand their production. D. making it illegal to consume more than a specified amount.
An improvement in technology will cause the
A. economy to move down the production possibility frontier. B. production possibility frontier to shift inward. C. production possibility frontier to shift outward. D. economy to move closer to its production possibility frontier.