Natural gas found in Oklahoma is an example of
A) physical capital.
B) land.
C) human capital.
D) labor.
Answer: B
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The relationship between the marginal product of labor (MP), the product price (P) and the marginal revenue product of labor (MRP) in a perfectly competitive market is
a. MP = P x MRP b. MP = P + MRP c. MRP = P / MP d. MRP = P x MP e. MRP = P + MP
What is meant by saying that economics is an empirical science?
A) Economic theories will be tested by seeing how well they correspond to people's declared preferences. B) Economic theories cannot be tested because there is no means of measuring economic variables with adequate precision. C) Economic theories cannot be tested because economic variables change too quickly. D) Economic theories will be tested by seeing how well they correspond to real-world phenomena.
What are examples of the fastest growing occupations in percentage terms expected to be from 2010–2020? What economic principle of resource pricing best explains these trends?
What will be an ideal response?
Suppose the actual and expected price levels in an economy are initially equal. However, the actual price level falls eventually due to a change in economic conditions. Which of the following will occur over the long run?
a. The economy will move rightward along the short-run aggregate supply curve. b. The economy will move leftward along the short-run aggregate supply curve. c. The short-run aggregate supply curve will shift to the right. d. The short-run aggregate supply curve will shift to the left. e. The short-run aggregate supply curve will become flatter.