Which factor of production includes crude oil deposits?
A) physical capital
B) human capital
C) land
D) entrepreneurship
Answer: C
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An economist who would most likely use active policy making would support which of the following conclusions?
A) Demand shocks have little or no short-run effects on real Gross Domestic Product (GDP) and unemployment. B) Pure competition is not typical in most markets. C) Price flexibility is common in most markets. D) Supply shocks explain most business cycles.
A demand curve is also a willingness-and-ability-to-pay curve
Indicate whether the statement is true or false
Suppose the price of capital and labor remain constant but that the average educational level of workers has increased and therefore, productivity of labor increases. This would lead a firm
A) to adopt a more capital-intensive production technology. B) to keep its output and production technology unchanged, but to use fewer units of labor. C) to adopt a more labor-intensive technology. D) to use only labor to produce the product.
Refer to above figure. With free trade and no tariffs, what is the quantity of Widgets produced domestically?
What will be an ideal response?