The radio broadcast of a concert is an example of a club good
a. True
b. False
Indicate whether the statement is true or false
False
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Capital is a factor of production. Which of the following is an example of capital?
i. $1,000 in money ii. 100 shares of Microsoft stock iii. $10,000 in bonds issued by General Motors iv. a drill press in your local machine shop A) i and ii B) ii only C) iv only D) iii only E) ii and iii
An expansion of the production possibilities frontier is
A) called economic growth. B) proof that scarcity is not a binding constraint. C) a free gift of nature. D) something that has occurred only rarely in history.
How does price serve as a signal to resource owners?
What will be an ideal response?
Which of the following does not influence the natural rate of unemployment in the U.S.?
A) demographics B) the natural rate in Europe and Japan C) the composition of the labor force D) surprises in productivity growth