Which of the following is a resource as the term is used by economists?
A. land
B. buildings
C. labor
D. all of the above
Answer: D
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Which of the following statements is true?
A) Hours of labor that go into producing a product is a better unit of account than paper money. B) When money is used as a yardstick to describe the price of various goods and services, it is serving as a store of value. C) The necessary condition required for money to function as a medium of exchange is that it also needs to be a store of value. D) One of the limitations of using money is that it does not allow for the transfer of purchasing power into the future.
What does research thus far suggest about job loss and offshoring?
What will be an ideal response?
People prefer to hold less of their wealth in the form of financial assets like bonds and term deposits when: a. real GDP is at an all-time low
b. the real interest rate is above 10 percent. c. the price level is very low. d. the nominal interest rate is close to zero. e. the nominal interest rate is very high.
Long-run equilibrium in the goods and services market requires that decision makers who agreed to long-term contracts must have
a. incorrectly anticipated the level of prices when they made the agreements. b. correctly anticipated the level of prices when they made the agreements. c. correctly anticipated the natural rate of unemployment when they made the agreements. d. correctly anticipated actual GDP when they made the agreements.