Which factor of production includes crude oil deposits?
A. physical capital
B. land
C. human capital
D. entrepreneurship
Answer: B
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Explain why a firm should continue to operate in the short run so long as market price is greater the the firm's average variable cost at the profit-maximizing level of output
What will be an ideal response?
If the long-run equilibrium of an economy is disrupted by an unanticipated increase in aggregate demand (such as might result from unexpectedly strong demand for exports due to the rapid growth of incomes abroad),
a. the price of resources will decrease. b. the natural rate of unemployment will decrease. c. actual unemployment will temporarily fall below the natural rate. d. prices will decrease.
At the beginning of the fall semester, college towns experience large increases in their populations, causing a(n):
A. decrease in the quantity of apartments supplied. B. increase in the demand for apartments. C. increase in the supply of apartments. D. decrease in the quantity of apartments demanded.
Combinations of goods lying outside the budget line, not the PPF:
a. suggest that the consumer gains less utility than any point inside the budget line b. indicate that the consumer is not spending all his income c. are attainable if the country engages in specialization and trade