One basic difference between "land" and "capital" resources is that land is:
A. Manufactured while capital is man-made
B. Unlimited while capital is limited
C. Natural while capital is man-made
D. Limited while capital is unlimited
Answer: C
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Refer to Supply and Demand. The social gain from a draft is represented by
The following questions refer to the accompanying graph, which shows the supply and demand for military service where Q0 represents the quantity provided by a volunteer army and Qd the quantity provided by a draft.
a. areas A + B + F.
b. areas A + B + F - E.
c. areas B + F.
d. Areas A + B + C + D.
Protection of an infant industry should be withdrawn once that industry:
a. charges the same price as foreign competitors. b. goes public on the stock exchange. c. raises a large amount of sales revenue. d. achieves sufficient size to compete with foreign firms. e. earns enough profit as a result of the subsidies to remain in business.
Real GDP is nominal GDP
a. plus depreciation b. adjusted for changes in the price level c. minus depreciation d. minus taxes e. minus inflation
According to surveys, the most common concern regarding international trade is a shortage of working capital to finance exporting activities.
a. true b. false