Which of the following is not a factor of production?
A.) Land.
B.) Wages.
C.) Labor.
D.) Capital.
B.) Wages.
Economics
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The greater the risk of nonrepayment of a loan, other things being equal
A) the longer is the repayment term. B) the lower is the charged loan fees. C) the higher is the rate of interest. D) the smaller is the amount of collateral that is used.
Economics
The idea that consumers rule the market
a. capitalism b. consumer sovereignty c. private property rights d. "the customer is never right"
Economics
Explain the concept of the circular flow
What will be an ideal response?
Economics
Define the term "property rights." Explain why the lack of well-defined and enforceable property rights is detrimental to the smooth functioning of a market system
What will be an ideal response?
Economics