Capital deepening refers to
a. the rise in the ratio of capital to labor
b. the rise in the ratio of capital to output
c. infrastructure investment
d. more unprofitable investment following upon unprofitable investment
e. heavy industry construction
A
Economics
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A government budget deficit ________ the ________ interest rate and crowds out private investment, which ________ real GDP growth
A) raises; nominal; slows B) raises; real; slows C) raises; real; accelerates D) lowers; real; slows E) lowers; nominal; slows
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People take fewer trips by airplane when their incomes fall because of a recession. Trips by airplane must be
A) a normal good. B) an inferior good. C) a substitute for other goods. D) a complement to other goods. E) an inelastic good.
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