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
You might also like to view...
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.
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?
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