Which of the following is a capital resource?
A. A computer programmer.
B. A corporate bond issued by a computer manufacturer.
C. Silicon (sand) used to make computer chips.
D. A piece of software used by a firm.
Answer: D
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Adam Smith wrote in his book "The Wealth of Nations" that competition ________ the entrepreneur.
A. distracts B. shapes C. regulates D. motivates
For an individual concerned with whether or not the Social Security system provides a good rate of return on the money paid into the system, she only needs to look at the return on investment for previous beneficiaries
a. True b. False
In a constant-cost industry, an increase in output that increases the demand for resources used by the industry
a. is likely to result in higher prices for at least some resources. b. causes the firm's cost curves to shift downward. c. causes the demand curve for the industry to rise. d. is not likely to result in higher prices for resources.
In the above figure, which of the following statements is FALSE if the firm is operating at output level Q2?
A. Average costs would be lowered by expanding output. B. Economic profits are positive. C. The price is lower than at an equivalent firm forced by regulators to charge ATC pricing. D. The output is equivalent to an unregulated monopolist.