Which of the following groups lists the four factors of production?
A) labor, capital, land, entrepreneurship
B) labor, capital, land, money
C) labor, money, land, entrepreneurship
D) labor, capital, money, entrepreneurship
A
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The law of increasing opportunity cost implies that
A) producing additional units of one good results in proportionately smaller reductions in output of the other good. B) producing additional units of one good results in increasing amounts of lost output of the other good. C) the production possibilities curve will be a straight line. D) the society will be producing on its production possibilities curve.
A current account deficit is matched by a financial account surplus
a. True b. False Indicate whether the statement is true or false
If people have a sudden increase in confidence in the open economy of the U.S. and want to invest there, the:
A. supply of loanable funds curve would shift left. B. demand for loanable funds curve would shift left. C. supply of loanable funds curve would shift right. D. demand for loanable funds curve would shift right.
If Okun's Law holds true, then a 9% increase in GDP would lead to a ________ percentage point decrease in the unemployment rate.
A. 1 B. 2 C. 3 D. 6