Industrial machinery is an example of
a. a factor of production that in the past was an output from the production process.
b. physical capital.
c. something that influences productivity.
d. All of the above are correct.
d
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When the Fed raises the discount rate, it:
a. lowers the cost of borrowing from the Fed, encouraging banks to make loans to the general public. b. raises the cost of borrowing from the Fed, discouraging banks from making loans to the general public. c. increases the amount of excess reserves that banks hold, encouraging them to make loans to the general public. d. increases the amount of excess reserves that banks hold, discouraging them from making loans to the general public. e. decreases the amount of excess reserves that banks hold, discouraging them from making loans to the general public.
The nutritional information now available at many fast food restaurants is an example of:
A. government requiring the restaurants to signal whether food is healthy or not. B. government regulation to screen out unhealthy food for consumers. C. requiring the more informed party to reveal the missing information. D. a failed attempt by government to reduce information asymmetry.
A union might increase the demand for the labor services of its members by:
A. decreasing the demand for the product it is producing. B. decreasing the prices of complementary inputs. C. decreasing the prices of substitute inputs. D. increasing the prices of complementary inputs.
If the price level doubled in a 23-year period, we can conclude that the average annual rate of inflation over that period was about 3 percent.
Answer the following statement true (T) or false (F)