________ is the human resource that organizes labor, land, and capital
A) Human capital
B) Human skill
C) A gift of nature
D) Entrepreneurship
E) Profit
D
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Which of the following is NOT an assumption of the classical system?
A) Wages and prices are inflexible. B) Pure competition exists. C) There is no money illusion. D) People are motivated by self interest.
In Japan, the market value of the land is approximately four times that of all the land in the United States, even though Japan is only about the size of California. The most likely explanation for this fact is
A. greater demand for land in Japan relative to the supply than in the United States. B. land is very productive in Japan. C. land is not fixed in supply in the United States. D. Japanese workers are very productive.
Pollution regulation by requiring firms to implement specific equipment or actions is known as ___________
a. Pigouvian or pollution taxes b. tradable pollution permits c. pollution standards d. technology-based regulations e. None of the above.
Suppose that only one curve shifts. If you observe that the equilibrium price and equilibrium quantity increased, then the market experienced a(n):
A. decrease in supply. B. increase in demand. C. increase in supply. D. decrease in demand.