We can tell how much physical capital has been added to the economy by:
A. taking into account both new investment and depreciation of capital.
B. adding up the value of all tools, equipment, and structures that have ever been built.
C. counting the number of persons of working age.
D. counting the number of persons of working age who are employed.
A. taking into account both new investment and depreciation of capital.
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A normal good is one
A) with a downward sloping demand curve. B) for which demand increases when the price of a substitute rises. C) for which demand increases when income increases. D) none of the above
If the quantity of fishing poles demanded is represented by the demand equation QD = 60 - P, then to solve for the price of fishing poles, the equation would be rewritten as
A) P = -60 + QD. B) P = QD + 60. C) P = 0.6QD + 10. D) P = 60 - QD.