Which of the following lists would an economist consider to be land?
a) factories, office buildings, assembly lines, workers
b) farm fields, tractors, pesticides, fertilizers
c) dams, bridges, rock quarries, oil wells
d) iron ore, natural gas, fertile soil, water
Ans: d) iron ore, natural gas, fertile soil, water
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Describe some of the external benefits associated with education. What can government do to encourage production of the efficient amount of education?
What will be an ideal response?
If the current account balance is $30 billion, and the capital and financial account balance is $35 billion, then the official settlements account balance is ________ billion, and the official reserves ________
A) $5 billion; increase B) -$5 billion; increase C) $5 billion; decrease D) -$5 billion; decrease
As a percentage of GDP, U.S. imports have been ________ and U.S. imports have been ________ since 1950
A) growing; declining B) declining; growing C) growing; growing D) declining; declining
Price discrimination refers to
a. the actions of a single-price monopolist to determine the best price for its output b. selling the same product to different customers at different prices as a result of different production costs c. government regulation of public utility prices d. selling the same product to different customers at different prices for reasons unrelated to production costs e. charging a price just above average total cost in order to drive competing firms from the market