Capital is a factor of production. Which of the following is an example of capital?
i. $1,000 in money
ii. 100 shares of Microsoft stock
iii. $10,000 in bonds issued by General Motors
iv. a drill press in your local machine shop
A) i and ii
B) ii only
C) iii only
D) iv only
E) ii and iii
D
Economics
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What is the maximum value of the Lerner index?
A) Infinity B) 100 C) Two D) One
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If marginal cost exceeds average variable cost,
a. average variable cost is negative b. average variable cost is increasing c. marginal cost is greater than average total cost d. average variable cost is decreasing e. average fixed cost is increasing
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