In general, economists place all factors of production into which three categories?
A. Technology, labor, and capital
B. Technology, land, and capital
C. Land, labor, and capital
D. Land, labor, and technology
Answer: C
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If a 10% increase in the price of one good results in no change in the quantity demanded of another good, then it can be concluded that the two goods are
A. complements. B. substitutes. C. inferior. D. unrelated.
The above figure represents the average total cost curves of a wheat farmer
a. Which average total cost curve has the lowest average total cost of producing 30,000 bushels of wheat? b. Over what range of output is the farmer experiencing economies of scale? c. Over what range of output is the farmer experiencing diseconomies of scale? d. Which average total cost curve has the lowest possible average cost of production? e. Which average total cost curve represents the largest plant?
The federal government debt as a percentage of GDP did not rise
A) during World War II. B) during the 1980s. C) during the Great Depression. D) during the 1960s.
Demand for science fiction novels is elastic and supply of science fiction novels is inelastic. When the government puts a $2.00 tax on science fiction novels,
a. buyers will pay most of the tax. b. sellers will pay most of the tax. c. buyers and sellers will split the tax evenly. d. elasticity has nothing to do with who pays the tax.