Which of the following is not a factor of production?
a. A computer chip.
b. The service of a lawyer.
c. Dollars.
d. All of these are factors of production.
c
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The country of Kemper is on its aggregate production function at point W in the above figure. If the population increases with no change in capital or technology, the economy will
A) move to point such as Y. B) remain at point W. C) move to point such as X. D) move to point such as Z.
The term "shortage" refers to a:
A. situation in which the quantity supplied is less than the quantity demanded. B. situation in which the quantity demanded is less than the quantity supplied. C. market in which goods have to be sold quickly or the goods tend to rot or otherwise expire. D. signal that producers need to decrease the price of the good.
Nash equilibrium is:
a. where one player maximizes his payoff and the other doesn't b. where each player maximizes the expected payoff c. similar to a dominant strategy d. difficult to determine
The Wilshire 5000 stock index is made up of the stocks of 5,000 of the largest U.S. companies
Indicate whether the statement is true or false