Wealth is to ________ as capital stock is to ________
A) investment; saving
B) saving; investment
C) income; net investment
D) income; earnings
E) saving; depreciation
B
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Which of the following statements is true of the marginal product of an input?
A) The marginal product of an input is given by the ratio of the firm's total output to the units of the input used. B) The marginal product of an input increases as more and more inputs are used. C) The marginal product of an input can take negative values. D) The marginal product of the first unit of a variable input is zero.
Suppose the interest rate is 5% and that you are to receive three annual payments of $10,000, with the first payment one year from now, the second payment two years from now, and the third payment three years from now. What is the present value of this stream of payments?