According to economists, which of the following is NOT a factor of production?
A. Land.
B. Entrepreneurship.
C. Labor.
D. Money.
Answer: D
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When Fed policy is addressing either a contractionary or inflationary gap, interest rates will be changed in the same direction as the intended change in real GDP
a. True b. False Indicate whether the statement is true or false
If a resource is in fact becoming scarcer, then one should expect
a. the price of the resource to rise. b. less demand for the resource as people try to conserve. c. greater supply as people reduce inventories before it is all gone. d. all of the above.
Use the following graph for a competitive market to answer the question below.
Assume the government imposes a $2.25 tax on suppliers, which results in a shift of the supply curve from S1 to S2. How much of the total tax revenue is paid by the seller?
A. $750 B. $375 C. $675 D. $300
When firms are interdependent,
A. Then the market is perfectly competitive. B. They can act independently of one another. C. One firm can ignore other companies in the market when making decisions. D. The profit of one firm depends on how its rivals respond to its strategic decisions.