Which of the following would not be considered physical capital?
A. A forklift
B. A factory
C. Fertile soil
D. An axe
Answer: C
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A game in which players want to coordinate on an outcome and in which both agree that coordinating on one particular outcome is preferred to coordinating on the other is called
A) an assurance game. B) a pure coordination game. C) a battle of the sexes game. D) a chicken game.
Answer the following statements true (T) or false (F)
1. A decrease in investment can cause a decrease in the price level without affecting total output. 2. The level of total output and the price level can be affected by changes in consumption. 3. Total output and the price level may decline simultaneously. 4. If inventories are accumulating, income must be greater than spending. 5. A situation where exports exceed imports can cause total output to increase.
Which of the following events would definitely cause a decrease in the equilibrium price of cotton shirts?
a. An increase in the price of wool shirts and a decrease in the price of raw cotton. b. A decrease in the price of wool shirts and a decrease in the price of raw cotton. c. An increase in the price of wool shirts and an increase in the price of raw cotton. d. A decrease in the price of wool shirts and an increase in the price of raw cotton.
Governments usually accept goods inflation as long as it stays low, which for the United States currently means around:
A. 5.5 to 6 percent. B. 3.5 to 4 percent. C. 1 to 2.5 percent. D. 7.5 to 8 percent.