The best example of an increase in capital is:
A) The discovery of new oil reserves.
B) new computer software.
C) legal immigration of computer programmers.
D) conversion of military facilities to civilian uses.
Ans: B) new computer software.
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An increase in real disposable income will:
a. increase the value of net exports of a country. b. decrease the value of net exports of a country. c. increase government purchases. d. decrease government purchases. e. increase net taxes.
Mike can wash a car in 5 minutes and wax a car in 15 minutes. Tony can wash a car in 10 minutes and wax a car in 20 minutes. Which of the following is true?
a. Mike can wash a car faster and has comparative advantage in washing cars. b. Mike can wax a car faster and has comparative advantage in waxing cars. c. Tony can wash a car faster and has comparative advantage in washing cars. d. Tony can wax a car faster and has comparative advantage in waxing cars.