Which of the following is not an exogenous factor of production in the aggregate production function?
a. Technology
b. The real wage
c. Capital
d. Labor
e. These are all factors of production.
B
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Refer to Figure 4-4. The figure above represents the market for iced tea. Assume that this is a competitive market. At an output of 30,000 units
A) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently low. B) producers should raise the price to $3 in order to sell the quantity demanded of 30,000. C) the marginal cost of iced tea is greater than the marginal benefit; therefore, output is inefficiently high. D) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently high.
All of the following conditions, except one, will necessarily be satisfied when a perfectly competitive firm is in short-run equilibrium. Which condition is the exception?
a. marginal revenue equals average total cost b. marginal cost crosses marginal revenue from below c. marginal revenue equals price d. price equals marginal revenue e. profit is maximized or loss is minimized
If two families are identical with respect to size, income, general expenses, etc., and are taxed equally, we say that there is
A. horizontal equity. B. vertical equity. C. observance of the ability-to-pay principle. D. intergenerational equity.
Which of the following sets of terms describes the problem of scarcity in economics?
A) goods, land, and needs B) labor, needs, and opportunity costs C) choices, opportunity costs, and trade-offs D) production, consumption, and wants