Why do we refer to physical capital as a produced factor of production?
Physical capital originates as an output from the production process, and is subsequently used as an input into the production process.
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Emma hopes to get $5 million for her land by refusing to come to terms with the company that wants to buy the land to build apartments
The apartment builders have offered Emma $1.5 million for her land, which is what they paid other land owners in her area for similar-size parcels. Economists would refer to Emma as a ________.
A mixed economy cannot exist without a politically free society
a. True b. False Indicate whether the statement is true or false
To increase employment, the most effective type of government budget would be a
a. surplus budget. b. balanced budget. c. deficit budget. d. falling budget.
In the short run,
a. at least one of the firm's inputs is fixed b. customer tastes and preferences are fixed c. the firm may vary all inputs d. sunk costs are variable e. government intervention is inevitable