When a firm builds a new factory, this is an example of an investment in:
A. human capital.
B. physical capital.
C. research and development.
D. the market.
Answer: B
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When a person has a comparative advantage in producing a good or service, the person has
A) a higher opportunity cost in producing that product than someone else. B) a constant opportunity cost in producing that product. C) a decreasing opportunity cost in producing that product. D) a lower opportunity cost in producing that product than someone else. E) an increasing marginal benefit in producing the good.
Which of the following is not counted as part of M1?
a. Coins. b. Federal Reserve notes or " paper money." c. Passbook savings deposits. d. Checkable deposits.
Increased trade restrictions
A. Reduce total consumption possibilities. B. Alter a nation's production possibilities. C. Increase a trade deficit in the short run. D. Have a neutral impact since the losses cancel out the benefits.
Refer to the graphs below. Graph A is constructed on the basic assumption that:
In the graphs below, QP refers to the economy's potential output level.
A. The price level is not flexible
B. Nominal wages are unresponsive to price-level changes
C. Real output is unresponsive to price-level changes
D. Unemployment is unresponsive to price-level changes