Inputs to production do NOT include
A. land.
B. business know-how.
C. labor.
D. average product.
Answer: D
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Oligopolistic firms tend to make large economic profits over time because
A. they have complete control in the market to charge any price they want. B. they produce at a point that is allocatively efficient. C. they charge higher than average total cost prices. D. they are productively efficient and produce the least costly way.
An economy that does not trade with the rest of the world is known as a(n) ________ economy
A) command B) closed C) open D) communist
Long-run macroeconomic policies concentrate on:
A) minimizing fluctuations around potential GDP. B) maximizing fluctuations around potential GDP. C) incentives for increasing productivity and the potential output of the economy. D) none of the above.
Which of the following is the environmental approach found in the Clean Air Act of 1990?
a. Marketable pollution permits. b. Price caps. c. Command-and-control regulation. d. EPA marginal social permits.