Which of the following would be classified as a personal consumption expenditure?
a. All of the following.
b. Your purchase of a newly constructed house
c. Your purchase of a preowned house.
d. Your purchase of one share of Microsoft stock.
e. Your purchase of this economics course.
e
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If an economy's capital stock is greater at the end of the year than at the beginning of the year, over this period,
a. net investment has been positive. b. depreciation has exceeded net investment. c. depreciation has exceeded gross investment. d. net investment has exceeded gross investment.
In the employment of any resource, a firm should
A. hire each input unit that adds more to revenue than it adds to costs. B. equate marginal revenue product with the cost of the additional resource. C. hire until MRP equals MFC. D. All of these are correct.