The factors of production are which of the following?
a. The outputs generated by the production process of transforming land, labor, and capital into goods and services.
b. The land resources, such as natural resources, that are unimproved by human economic activity.
c. Land (natural resources), labor (human capital, entrepreneurship), and capital (constructed inputs such as factories).
d. Labor and capital in industrialized countries, where natural resources are no longer used to produce goods and services.
c
You might also like to view...
In using the Internal Rate of Return approach, one must first calculate the discount rate on the investment that makes
A) the net present value equal zero. B) the interest rate equal zero. C) the interest rate equal the discount rate. D) the first year's return positive.
Assume that the price-consumption curve is horizontal. What additional information does that tell you about the demand for good X and the amount people spend on it?
What will be an ideal response?
The F-test is used to determine if
A) a regression coefficient is significant. B) multicollinearity exists. C) a regression equation significantly accounts for the variation in the value of a dependent variable. D) an identification problem is present.
Using the aggregate supply drawn under the monetarist view, what should happen to the equilibrium price level and quantity of output if the Fed buys bonds?
A. Equilibrium price level and equilibrium output should both increase. B. Equilibrium price level should increase, and equilibrium output should decrease. C. Equilibrium price level should decrease, and equilibrium output should increase. D. Equilibrium price level should increase and equilibrium output should stay constant.