The four factors of production are:
A. land, labor, capital, and money.
B. land, labor, capital, and entrepreneurial ability.
C. labor, capital, technology, and entrepreneurial ability.
D. labor, capital, entrepreneurial ability, and money.
Answer: B
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If the international value of the dollar rises, the
A. aggregate demand curve will shift inward. B. aggregate supply curve will shift outward. C. U.S. price level will fall. D. All of these responses are correct.
When demand is elastic, an increase in price causes the seller's total revenue to:
A. decrease. B. increase. C. fall to zero. D. remain the same.
All of the following will increase the demand for labor by firms in an industry except
A. an increase in the price of the product produced by the industry. B. a decrease in the prices of inputs that substitute for labor. C. an increase in the marginal product of labor resulting from technological change. D. an increase in the demand for the product produced by the industry.
Business cycles are generally considered in:
A. the long-run framework. B. both the short-run and long-run frameworks. C. the short-run framework. D. neither the short-run nor the long-run frameworks.