Taken together, factors such as education, training, experience, intelligence, and work habits are known as:
A. learned behaviors.
B. productivity factors.
C. human capital.
D. statistical discrimination factors.
Answer: C
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According to real business cycle theory, a major source of fluctuations in economic activity is __________.
a. Supply shocks b. Shocks of technology c. The presence of a labor shortage
An example of a factor of production is
A) a car produced by an auto manufacturer.
B) a worker hired by an auto manufacturer.
C) a loan granted to an auto manufacturer.
D) the automobiles exported by an auto manufacturer.
John loves to travel. He would never turn down the opportunity to go on a trip. This means that, for John:
A. the total utility of travel always increases. B. marginal utility of travel never decreases. C. the law of diminishing marginal utility does not apply to travel. D. marginal utility of travel is always zero.
What are the effects of a tariff on a good?
What will be an ideal response?