Which of the following lists contains, in this order, natural resources, physical capital, and human capital?
a. For a shoe factory: leather, hand tools, the managers' knowledge of shoe making.
b. For a steel mill: the blast furnaces, iron ore, the workers.
c. For an airline: oil used to make jet fuel, the pilots' knowledge of flying, jets.
d. None of the above is correct.
a
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Suppose that a country is producing on its PPC at a point to the left of the tangency between the trade line and the PPC. At the production point,
A) the opportunity cost in production of the good on the horizontal axis is less than its trade price. B) the opportunity cost in production of the good on the horizontal axis is more than its trade price. C) the opportunity cost in production of the good on the vertical axis is less than its trade price. D) the opportunity cost in production of the good on the horizontal axis may be either less than or more than its trade price. E) the opportunity cost in production of the good on the vertical axis equals its trade price.
The term "fiduciary" comes from the Latin fiducia, which means
A) value. B) gold. C) money. D) trust or confidence.
In the short run, the monopolistic competitive firm will charge a price equal to marginal cost
a. True b. False Indicate whether the statement is true or false
Consider a nation with an endowment of iron ore and petroleum. If the nation specializes in the production of aluminum and gasoline instead of steel we can say that it is operating:
a. on its production possibilities curve. b. outside its production possibilities curve. c. inside its production possibilities curve. d. on the highest achievable production possibilities curve. e. on the lowest production possibilities curve.