Economy A: gross investment equals depreciation Economy B: depreciation exceeds gross investment Economy C: gross investment exceeds depreciation Other things equal, the information suggests that the production capacity in economy:
A. B is growing more rapidly than that in either economy A or C.
B. A is growing more rapidly than that in either economy B or C.
C. A is growing less rapidly than that in economy B.
D. C is growing more rapidly than that in economy B.
D. C is growing more rapidly than that in economy B.
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"Wants" as an economic concept includes
A) both material and nonmaterial desires. B) only the purchase of necessary basic goods. C) only the desire for luxury goods. D) only goods and services that consumers need but cannot afford to buy.
When we say the cost of living has gone down, we mean that, looking broadly over a range of goods and services:
A. our income has increased to match the cost of those goods. B. a dollar buys less today than it used to buy. C. a dollar buys the same today as it used to buy. D. a dollar buys more today than it used to buy.