The relationship of dead capital to inefficient production is
A) without clear ownership it is not possible to sell or transfer a resource so that it can be used efficiently.
B) that outdated equipment will lead to inefficient production.
C) nonexistent since the capital is already dead.
D) that when the dead capital is replaced by more technologically advanced capital, economic growth occurs.
A
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The figure above shows the demand, marginal revenue, and marginal cost curves for Paul's Parrot pillows, a single-price monopoly producer of pillows stuffed with parrot feathers. When Paul maximizes his profit, his total economic profit is
A) $60. B) $405. C) $0. D) $210,000. E) unknown because more information is needed to determine Paul's profit.
Empirical evidence that changes in monetary policy do not cause rapid price adjustments ________
A) is consistent with the Keynesian emphasis on short-run economic fluctuations B) suggests that policymakers need not worry much about inflation C) remains limited and unconvincing D) is consistent with the classical dichotomy E) none of the above