In economics, all of the following is counted as "capital" except
A) factory buildings. B) warehouses. C) money. D) machine tools.
C
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Which of the following are factors of production?
a. Just labor and capital in industrialized countries, where natural resources are no longer used to produce goods and services. b. Land (natural resources), labor (human capital, entrepreneurship), and capital (constructed inputs such as factories). c. The outputs generated by the production process transforming land, labor, and capital in to goods and services. d. Restricted to the land resources such as natural resources that are unimproved by human economic activity.
Consumers are sovereign when
A. a few consumers exercise coercion on sellers and other consumers. B. they have the freedom to decide what they wish to purchase. C. they can prevent market failure. D. prices are decided by sellers.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable. B. cannot be produced with the current state of technology. C. represents underallocation of resources. D. represents what the people want.
In the short run, marginal cost is positive and increasing at output levels where total variable cost is ________ at a(n) ________ rate.
A. decreasing; increasing B. increasing; increasing C. decreasing; decreasing D. increasing; decreasing