Physical capital is:
A. the talents, training, and education of workers.
B. the physical labor of workers.
C. the financial resources available for investment.
D. the factories and machinery used to produce other goods and services.
Answer: D
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An export good is a good produced
A) in the United States and sold in other countries. B) in the United States and sold to foreigners living in the United States. C) in another country and purchased by U.S. residents. D) by foreigners in the United States and purchased by U.S. households. E) in another country and purchased by foreigners not residing in the United States.
If the price level falls and the money wage rate does not change, some firms ________ and there is ________
A) shut down; a leftward shift of the aggregate supply curve B) start up; a rightward shift of the aggregate supply curve C) start up; an increase in potential GDP D) shut down; a decrease in the quantity of real GDP supplied E) shut down; a decrease in potential GDP
Which of the following examples shows a perfectly elastic demand?
a. Red Barn Farms must reduce its price below the market price to get more buyers. b. Peak Farms can sell as much as it wants at the market price. c. Smyth Agriculture goes out of business because it couldn’t get enough buyers at the market price. d. Moto Agriculture makes a huge profit because it increases its price above the market price.
A supply curve that is parallel to the price axis is
A) perfectly elastic. B) perfectly inelastic. C) relatively inelastic. D) unitary elastic.