Which of the following is an example of consumption?
a. The City of Milwaukee pays a construction company to repair an expressway.
b. Ralf buys a lawnmower to use for his landscaping business.
c. Rayana pays a landscaper to design a garden for her backyard.
d. The Girder Construction Co. buys a crane for a skyscraper project.
c. Rayana pays a landscaper to design a garden for her backyard.
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An above full-employment equilibrium is
A) a theoretical possibility but cannot happen in reality. B) the equilibrium in which the economy is in most of the time. C) when real GDP exceeds potential GDP. D) the period of time when prices are falling.
Ralph's Ski Shop is a local monopoly in a regional market. This type of situation can result from all of the following except:
a. small population relative to output needed for scale economies b. patent protection c. control of local zoning or limited operation permits d. long distance to alternative ski shops e. multiple products