A factor of production that has been produced for use in the production of other goods and services is:
A) labor.
B) money.
C) capital.
D) natural resources.
Ans: C) capital.
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Consumers' total benefit from consuming a good is equal to the
A) total amount spent on the good. B) consumer surplus on the quantity purchased. C) consumer surplus plus the total amount spent on the good. D) consumer surplus minus the total amount spent on the good. E) total amount spent on the good divided by the number of units purchased.
Which of the following best describes a steady state?
A) Political stability is maintained by the state. B) The standard of living is increasing at a stable rate. C) Each firm in the economy receives a steady stream of income. D) Output per worker, consumption per worker, and capital per worker are constant.
All of the following are considered natural resources EXCEPT:
A. a coral reef. B. gold. C. labor. D. a redwood forest.
The diagram concerns supply adjustments to an increase in demand (D 1 to D 2 ) in the immediate market period, the short run, and the long run. In the long run, the increase in demand will:
A. have no effect on either equilibrium price or quantity.
B. increase equilibrium price but not equilibrium quantity.
C. increase equilibrium quantity but not equilibrium price.
D. increase both equilibrium price and quantity.