Which of the following are considered factors of production used to produce goods and services? I. Land II. Labor III. Capital IV. Entrepreneurship
A) I and II only
B) I and III only
C) I, II and III only
D) I, II, III and IV
D
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Assume that the graphs show a competitive market referenced in the question below.
Select the graph that best shows the change in the market following a tax placed on the buyers in the market.
A. graph (1) B. graph (2) C. graph (3) D. graph (4)
The United States, as it began its long and successful growth in the early 19th century, consciously promoted domestic production through such activities as tariffs, Clay's American System, and many direct subsidies to railroads, canal companies,
farmers (free land) etc. Today we view this blatant example of large scale and extensive import-substitution industrialization as having been very successful. Comment on this.
Suppose the economy is in long-run equilibrium. If there is an increase in the supply of labor as well as an increase in the money supply, then we would expect that in the short-run,
a. real GDP will rise and the price level might rise, fall, or stay the same. b. real GDP will fall and the price level might rise, fall, or stay the same. c. the price level will rise, and real GDP might rise, fall, or stay the same. d. the price level will fall, and real GDP might rise, fall, or stay the same.
You are the Minister of Trade for a small island country with the following annual PPC:
You are negotiating a trade agreement with a neighboring island with the following annual PPC:
If the other island's delegate offers to give you 2 fish for every 1 coconut you give them, you will:
A. refuse their offer because the opportunity cost to you of a coconut is less than 2 fish. B. accept their offer because you do not have an absolute advantage in fish. C. accept their offer because you do not have the comparative advantage in fish. D. refuse their offer because the opportunity cost to you of a coconut is more than 2 fish.