In the capital market, households ________ supply the financial resources to firms that allow them to purchase ________.
A. indirectly; labor
B. indirectly; capital
C. directly; capital
D. indirectly; land
Answer: B
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As technology advances,
A) all opportunity costs decrease. B) the PPF shifts outward. C) a country moves toward the midpoint along its PPF and can produce more of both goods. D) all opportunity costs increase. E) the PPF shifts inward because unemployment occurs.
Which of the following is true?
A) Changes in personal costs and benefits will exert a predictable influence on the choices of people. B) If the intentions behind a policy are good, you can be assured that the outcome will be desirable. C) If a good is provided free to an individual by government, its production will not consume valuable scarce resources. D) If one individual gains from an economic activity, then someone else must lose.
The economic argument for legalizing drugs:
a. takes into consideration all the externalities associated with drug use. b. shows that economists are all libertarians at heart. c. is based on the assumption that for most non-users, the demand is relatively price elastic. d. is really politically motivated. e. is morally bankrupt.
Economists have difficulty applying the scientific method because:
A. Economics has a short history B. The scientific method does not really apply to economics C. People are the focus of economics, and their behavior is highly predictable D. Controlled laboratory experiments in economics are often not feasible