Production
A. is a process by which resources are produced.
B. only applies to manufacturing of goods.
C. is carried on by corporations, but not by sole proprietorships.
D. is a process by which resources are transferred into goods and services.
Answer: D
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Which of the following displays rivalry and excludability in consumption?
A) public goods B) private goods C) quasi-public goods D) common resources
Refer to Figure 26-12. In the dynamic AD-AS model, if the economy is at point A in year 1 and is expected to go to point B in year 2, the Federal Reserve would most likely
A) not change interest rates. B) increase the inflation rate. C) increase interest rates. D) decrease interest rates.
The monopolistically competitive firm will charge a price which is more than that charged by a perfectly competitive firm
a. True b. False Indicate whether the statement is true or false
Which of the following statements is correct?
A. For the United States, union workers earn 10 to 20 percent more than nonunion workers doing the same work. B. Most other industrialized countries have a larger union markup. C. The union markup is relatively small for unionized firms in a competitive market. D. None of these