The resource income earned by those who supply ________ is called wages
A) labor
B) capital
C) natural resources
D) entrepreneurship
Answer: A
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Opening trade between two nations would:
a. shift their production possibilities curves outward. b. shift their production possibilities curves inward. c. leave the production possibilities unchanged and increase their consumption possibilities. d. leave the production possibilities unchanged and decreased their consumption possibilities.
A payment the government makes to either the buyer or seller, usually on a per-unit basis, when a good or service is purchased or sold is called a
a. black market. b. interest rate. c. subsidy. d. tax.
Giving up one alternative for another is called ____________ .
a. underutilization. b. a trade-off. c. human capital. d. efficiency.
Which of the following profit functions exhibits a Cobb-Douglas production function?
A. ? = P × min(2L, 5K) ? 20L ? 35K B. ? = P × (3K + 4L) ? 20L ? 35K C. ? = P × K0.75L0.50 ? 20L ? 35K D. ? = P × (3K0.5 + 4L0.5) 1/0.2 ? 20L ? 35K