Any resources that are made by humans and used to create other goods and services are called:

a) services
b) production
c) capital
d) labor


Answer: c) capital

Economics

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The use of a price system eliminates: a. scarcity

b. equilibrium. c. shortages and surpluses. d. changes in supply and demand.

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Price leadership

a. is a form of explicit collusion b. works only when firms have dominant strategies c. is a form of tacit collusion d. reduces long-run economic profit for individual firms e. rarely is effective in setting prices in oligopolistic markets

Economics

Globalization was much more pervasive in the 1800s than it is today

a. True b. False Indicate whether the statement is true or false

Economics

Price controls use the power of ______ to influence prices.

a. labor unions b. producers c. consumers d. government

Economics