Which of the following industries would be considered to have a capital intensive production process?
A. Creating a painting.
B. Farming in a rich country
C. Creating a hand-crafted wine.
D. Serving food at a restaurant.
B. Farming in a rich country
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Suppose a nation's real Gross Domestic Product (GDP) grows at a rate of 2 percent per year while its population grows 2 percent annually. Given this information, this nation's annual rate of per capita real GDP growth is equal to
A) 1 percent. B) -1 percent. C) 0 percent. D) 4 percent.
The "big tradeoff" refers to
A) producing capital goods instead of consumable goods. B) marginal benefit versus marginal cost. C) efficiency and fairness. D) taking an economics course instead of some other course. E) using market prices rather than a command system to allocate resources.
Refer to the figure above. If tastes were to change so that S became more preferred relative to T, then, in autarky, production and consumption would move from their initial equilibrium to a point such as
A) C. B) D. C) E. D) F.
Regression analysis is used for prediction, while correlation analysis is used to measure the strength of the association between two variables
Indicate whether the statement is true or false