Which of the following is not a factor of production?
A) an acre of farmland
B) a drill press in a machine shop
C) the manager of the local tire shop
D) $1,000 in cash
Answer: D
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Which of the following is NOT an objective of economic regulation?
A) to regulate the prices enterprises are allowed to charge B) to fix prices so that they are never allowed to rise C) to keep rates of return in an industry at a competitive level D) to prevent monopoly profits
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2. B. P3 and Y1. C. P2 and Y2. D. P2 and Y3.
Public choice theorists contend that:
A. government can efficiently correct instances of market system failure. B. the existence of cost-benefit analysis has brought about the efficient use of resources in the public sector. C. public bureaucracies are inherently more efficient than private enterprises. D. public bureaucracies are inherently less efficient than private enterprises.
Other things being equal, the longer a price change persists
A) the less is the elasticity of demand. B) the less chance a consumer will be able to adjust. C) the more the consumer will be willing to pay. D) the greater is the elasticity of demand.