The ingredients that go into making any good or service are called the:
A. output makers.
B. factors of production.
C. factors of output.
D. production ingredients.
B. factors of production.
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Utilitarianism argues that
A) Only equality brings efficiency. B) There is a tradeoff between equality and efficiency. C) The result is fair if the rules are fair. D) The competitive market is fair.
In the above figure, the intersection of curves A and C is the point at which
A) average total cost is minimized. B) average variable cost is minimized. C) average fixed cost is minimized. D) total product is maximized.
Which of the following statements is TRUE?
A) Bank failures inflict serious financial harm on individual depositors. B) Bank failures do not inflict serious financial harm on individual depositors. C) Bank failures inflict not only serious financial harm on individual depositors, but also harm the macroeconomic stability of the economy. D) Bank failures inflict serious financial harm on individual depositors, but fortunately do not harm the macroeconomic stability of the economy. E) Bank failures only inflict serious financial harm on the macroeconomic stability of the economy.
Price elasticity of demand is the responsiveness of
A) the quantity demanded to a change in price. B) demand to a change in supply. C) demand to a change in income. D) demand for a good to a change in the demand for another good.