A country's factors of production include its:
a. capital.
b. natural resources.
c. labor, capital, and natural resources.
d. labor.
Ans: c. labor, capital, and natural resources.
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The government of Genovia introduced an unemployment insurance that ensures full payment of former wages to unemployed workers
A study conducted a few months after the introduction of this policy showed that several unemployed workers in Genovia were not actively searching for work. Such behavior is an example of ________. A) adverse selection B) moral hazard C) the prisoners' dilemma D) the free-rider problem
Total cost can be defined as:
A. the amount that a firm receives from the sale of goods and services. B. the amount that an individual spends on all normal goods and services within a specified period of time. C. the amount that a firm spends on all inputs that go into producing a good or service. D. None of these is correct.
The market wage rate for a car mechanic is $30 per week. Peter, who owns a garage, is in urgent need of a mechanic to head his existing employees. He is willing to hire Alex and pay $8 extra in order to make sure that Alex puts in his best efforts. If Alex accepts the job, which of the following statements will be true?
a. There is no disutility of hard work for Alex as his pay exceeds the market wage rate. b. Alex has no incentive to put in his best efforts on this job. c. Alex's disutility of extra effort in this new job is less than the utility from extra pay. d. Peter's benefit from hiring Alex will be limited as he is paying above the market wage rate.
Which of the following countries experienced a decline in total output from 2000 to 2015?
A. China. B. Canada. C. Zimbabwe. D. Burundi.