All of the following are economic resources, or factors of production EXCEPT
A) land.
B) physical capital.
C) money.
D) entrepreneurship.
C
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If cross-price elasticity of demand between two goods is positive, the two goods are:
A. substitutes. B. complements. C. normal. D. inferior.
Which of the following most accurately indicates the implications of an economy's production possibilities curve?
a. If all the resources of an economy are being used efficiently, more of one good can be produced only if less of another good is produced. b. If all the resources of an economy are being used efficiently, it is generally possible to produce more of one good without having to sacrifice the production of other goods. c. Over time, it is generally impossible for a country to expand its production of goods. d. An economy will automatically move toward a point that lies outside of the production possibilities curve unless proper government policy constrains production.
A nation’s capital consists mainly of stocks, bonds, and other financial assets.
Answer the following statement true (T) or false (F)
In which of the following industries is marginal cost pricing most likely?
A.) Laundry detergent. B.) Toothpaste. C.) Air travel. D.) Corn.