The Karmic Deed Restaurant uses all of the following to produce vegetarian meals. Which of them is an example of physical capital?
a. the owner's knowledge of how to prepare vegetarian entrees
b. the money in the owner's account at the bank from which she borrowed money
c. the tables and chairs in the restaurant
d. the fresh fruits, vegetables, and grains the restaurant uses to prepare its meals
c
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In broad terms the difference between microeconomics and macroeconomics is that
A) they use different sets of tools and ideas. B) microeconomics studies decisions of individual people and firms and macroeconomics studies the entire national economy. C) macroeconomics studies the effects of government regulation and taxes on the price of individual goods and services whereas microeconomics does not. D) microeconomics studies the effects of government taxes on the national unemployment rate.
Differentiate between an open and a closed economy? Do you agree that US economy is more open among the advanced industrial countries in the world?