Economists refer to things that have already been produced that are in turn used to produce other goods and services as
A. entrepreneurship.
B. capital.
C. land.
D. labor.
Answer: B
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The IS curve will shift to the right if:
a. the government deficit decreases. b. consumer confidence decreases. c. the MPC decreases. d. taxes decrease. e. the money supply increases.
The most-favored customer is one who:
a. buys a firm's product regularly. b. is an acquaintance of the owner of a firm. c. is guaranteed to receive the lowest price for a product. d. spends the maximum amount of money on a firm's product. e. has a high purchasing power.
When exports of American goods increase, this __________ the demand for U.S. dollars and at the same time __________ foreign currencies
A) increases; increases the supply of B) decreases; increases the supply of C) increases; decreases the supply of D) increases; increases the demand for E) none of the above
The private marginal benefit for commodity X is given by 15 - X, where X is the number of units consumed. The private marginal cost of producing X is constant at 10. In the absence of any government intervention, how much X is produced? What is the gain to society involved in moving from the inefficient to the efficient level of production?
What will be an ideal response?