Refer to the information provided in Figure 31.1 below to answer the question(s) that follow.
Figure 31.1Refer to Figure 31.1. Economic growth is represented by
A. a movement from point D to point A.
B. a movement from point A to point C.
C. a movement from point D to point C.
D. all of the above
Answer: D
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The time interval in which suppliers can change the quantity of all the resources they use to produce goods and services is called
a. the short run b. the long run c. equilibrium d. the supply schedule e. excess supply
A study that deals with the salaries of university professors would be considered:
A. real economics B. microeconomics C. macroeconomics D. economic naturalism
Which cost measures the cost to society of producing a good?
A. Social cost B. External cost C. External cost and social cost D. Internal cost
Which of the following is not a factor of production?
A. Money B. Labor C. Capital D. Entrepreneur