Which of the following would be considered a factor of production in the provision of bus service?
A. The amount it costs to provide bus service between two locations
B. The hourly wage paid to bus drivers
C. The revenue from the sale of bus tickets
D. Bus drivers
Answer: D
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Current offers to purchase or sell scarce goods take account of the wants of future generations
A) if government intervenes to give the future a current voice. B) if people are able to predict future prices. C) only if people are concerned for the welfare of others yet unborn. D) only rarely because people are predominantly selfish.
At potential real GDP:
a. there is zero unemployment. b. there is no seasonal unemployment. c. there is no frictional unemployment. d. unemployment is at its natural rate. e. cyclical unemployment equals approximately 5 percent.
In a perfectly competitive market, the first firm to adopt a new cost-saving technological advance will
a. buy more resources b. suffer an economic loss c. earn an economic profit until other competitors adopt the technology d. export to foreign markets e. supply low income neighborhoods
If the labor supply and demand curves cross at a wage of $20,
a. a wage rate of $10 per hour would lead to an excess demand for labor b. a wage rate of $10 per hour would lead to an excess supply of labor c. that wage causes a high rate of cyclical unemployment d. employees are overpaid e. a wage rate of $10 per hour would mean there is a significant amount of structural unemployment