To an economist, the four factors of production are
A. Entrepreneurship, machinery, workers, and profit.
B. Labor, workers, profit, and services.
C. Land, labor, capital, and entrepreneurship.
D. None of the choices are correct.
Answer: C
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The true causal effect might not be the same in the population studied and the population of interest because
A) of differences in characteristics of the population B) of geographical differences C) the study is out of date D) all of the above
Speculation serves the market in which of the following ways?
a. It helps smooth out price fluctuations. b. It raises the price of certain goods. c. It manufactures a demand for goods that would not ordinarily be found. d. It allows risk takers the ability to make large amounts of economic rent.
Which of the following is most likely to increase a federal budget surplus?
A. A lower inflation rate and a lower unemployment rate. B. A higher inflation rate and a higher unemployment rate. C. A lower inflation rate and a higher unemployment rate. D. A higher inflation rate and a lower unemployment rate.
A consulting company estimated market demand and supply in a perfectly competitive industry and obtained the following results:Qd = 25,000 ? 5,000P + 25MQs = 240,000 + 5,000P ? 2,000PI where P is price, M is income, and PI is the price of a key input. The forecasts for the next year are 
? = $15,000 and 
I = $20. Average variable cost is estimated to beAVC = 14 ? 0.008Q + 0.000002Q2Total fixed cost will be $6,000 next year. What will the firm's profit (loss) be?
A. $30,000 B. $36,000 C. $26,000 D. $20,000 E. -$6,000, the firm shuts down and loses only its fixed costs.