In economics, items that are used to produce goods and services are known as
A. needs.
B. resources.
C. wants.
D. outputs.
Answer: B
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Refer to the Article Summary. Explain how the declining labor force could have led to the decrease in the unemployment rate
What will be an ideal response?
Does the money demand curve have a positive slope or a negative slope? Why does it have this slope? Explain why an increase in the variable on the vertical axis of the money demand curve causes either an increase or a decrease in the variable on the
horizontal axis of the money demand curve.
Which of the following is false?
a. The total product schedule shows the total amount of output generated as the level of the fixed input increases. b. The marginal product of any single input is the change in total product resulting from a small change in the amount of that input used. c. As the amount of a variable input is increased, the amount of other fixed inputs being held constant, a point ultimately will be reached beyond which marginal product will decline. This is called diminishing marginal product. d. A firm never knowingly allows itself to reach the point where the marginal product becomes negative.
All of the following will tend to increase the number of years until the oil stock is depleted except
A) falling oil prices. B) additional oil exploration. C) conservation measures. D) development of oil substitutes.