________ are the things that are used to produce items that satisfy people's wants
A) Concepts
B) Production possibilities curves
C) Resources
D) Costs
Answer: C
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It is more likely at lower tax rates than higher tax rates that the:
A. quantity effect will outweigh the price effect. B. quantity effect will outweigh the income effect. C. price effect will outweigh the quantity effect. D. income effect will outweigh the price effect.
Which of the following applies to a real-world socialistic economy?
A. private ownership of all factors of production B. government ownership of all factors of production C. government ownership of most of the factors of production D. lack of central planning
If stockholders sell their shares for more than they paid for those shares, the stockholders:
A. Realize a share of equal profits B. Receive a dividend C. Realize a capital gain D. Obtain a mutual fund
Refer to the information provided in Figure 10.3 below to answer the question(s) that follow. 
Figure 10.3 Refer to Figure 10.3. If labor supply is given by S1 and the firm is using K1 units of capital, this firm should hire ________ units of labor to maximize profit.
A. I0 B. I1 C. I2 D. I3