Land includes all of the following except
a. a virgin forest
b. natural-state real estate
c. oil under the oceans
d. deposits of copper
e. an irrigation system
E
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Which of the following costs are part of a firm's opportunity costs? I. costs for resources bought in markets II. costs for resources the firm owns III. costs for resources supplied by the owner
A) I and II B) I and III C) I only D) I, II, and III
When an economy begins to move from a recession to an expansion, the output gap typically
A) remains positive. B) remains negative. C) switches from negative to positive. D) switches from positive to negative.
A line item budget _____
a. groups expenditures by congressional district b. groups expenditures by the goals they are trying to achieve c. groups expenditures by the types of items that are purchased d. groups expenditures by special interest
Suppose people value clean air more as their incomes increase, then
A) the marginal cost curve of pollution abatement to shift left, increasing the degree of air quality. B) the marginal cost curve of pollution abatement to shift right, increasing the degree of air quality. C) the marginal benefit curve of pollution abatement to shift right, increasing the degree of air quality. D) the marginal benefit curve of pollution abatement to shift left, increasing the degree of air quality.