Capital is the
a. flow of new equipment that a firm acquires over the course of a year.
b. amount of increase in a firm's equipment over a year.
c. amount of money that a firm has on hand at a given time.
d. stock of plant, equipment, and other productive resources held by a firm.
d
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In a market with positive externalities,
A) the efficient level of production is less than what competition will obtain. B) the efficient level of production is equal to what competition will obtain. C) the efficient level of production is more than what competition will obtain. D) there cannot be an efficient level of production.
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.