In the short-run macro model, planned investment is defined as
a. plant and equipment purchases by business firms plus inventory changes
b. plant and equipment purchases by business firms plus new home construction
c. plant and equipment purchases by business firms
d. new home construction plus inventory changes
e. inventory changes
B
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Scarcity arises because of
a. international trade disputes b. our unwillingness to share earth's bounty c. insatiable wants d. limited natural resources e. primitive technology
Other things constant, the price elasticity of demand for a product will be smaller (more inelastic) if:
A. people spend a large share of their income on the product. B. people spend an insignificant share of their income on the product. C. the population in the market area is large. D. there are many good substitutes for the product.