Which of the following is a characteristic of capitalism?
a. Government ownership of all capital.
b. Government decision-making is preferred to decentralized decision-making.
c. Market determination of prices and quantity.
d. Equality of income.
Question 2
If the multiplier is 3, equilibrium real GDP is 1,000 billion, and investment is 400 billion, what will happen if investment decreases to 380 billion? Real GDP will:
a. increase to 1,020 billion.
b. increase to 1,060 billion.
c. decrease to 980 billion.
d. decrease to 940 billion.
e. decrease to 970 billion.
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A Production Function with Diminishing Marginal Product of Capital