Which statement best describes the increase in working capital in the United States from the early 1950s until the 2000s?
a. The average U.S. worker in the late 2000s was working with physical capital worth almost twice as much as that of the average worker of the early 1950s.
b. The average U.S. worker in the late 2000s was working with physical capital worth almost four times as much as that of the average worker of the early 1950s.
c. The average U.S. worker in the late 2000s was working with physical capital worth almost five times as much as that of the average worker of the early 1950s.
d. The average U.S. worker in the late 2000s was working with physical capital worth almost three times as much as that of the average worker of the early 1950s.
d. The average U.S. worker in the late 2000s was working with physical capital worth almost three times as much as that of the average worker of the early 1950s.
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In a perfectly competitive industry, when a firm is producing so that its total revenue equals its total cost, the firm is
A) making an economic profit. B) incurring an economic loss. C) making zero economic profit. D) definitely not maximizing its profit. E) None of the above answers is correct because the relationship between total revenue and total cost has nothing to do with the firm's profit or loss.
The amount of gross investment in the economy depends on the
A) response of expected output to the error in estimating the past period's actual output. B) amount of the difference between the desired capital stock and last period's capital stock that can be put in place this period. C) fraction of the capital stock that is replaced each period. D) All of the above are correct.