Minerals, water, and forests are all considered to be part of the broad resource category known as
a. land.
b. capital.
c. entrepreneurship.
d. labor.
e. none of the above
Answer : a. land.
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Used car dealers are able to make a profit by buying used cars at a low price and selling them at a higher price because
a. they sell lemons b. they can take advantage of unsuspecting consumers c. they are attempting to maximize their profits d. the transaction costs to some buyers is less than it would be without the used car dealers e. there are no transaction costs associated with the process of buying a used car
U.S. bank notes have no intrinsic value and yet are widely accepted as a medium of exchange. This is a result of:
a. Gresham's law. b. the use of money as a store of value. c. the fiduciary monetary system. d. the valuation of currency as commodity money. e. the gold and silver reserves of the Federal government that backs the currency.
If good "A" is represented on the horizontal axis and good "B" on the vertical axis, then the steeper the production possibilities frontier at a given level of production of good "A," the
a. larger the opportunity cost of producing an extra unit of good "A." b. larger the quantity of resources being devoted to the production of good "B." c. smaller the quantity of resources being devoted to the production of good "A." d. smaller the opportunity cost of producing an extra unit of good "A." e. greater the returns to scale in the production of good "A."
Demand for an input is derived from the demand for the final product
a. True b. False Indicate whether the statement is true or false