The resources used to make goods and services are called ____________ .
a. factors of production.
b. the gross national product.
c. the production possibilities frontier.
d. opportunity costs.
Ans: a. factors of production.
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One way to ensure cooperation in an infinitely repeated simultaneous game is
A) to always play the dominant strategy. B) to punish the player that reneges on agreements. C) to never punish any player. D) to always punish all players.
Which of the following statements is NOT true?
A) Unemployment in the US economy represents an excess demand for labor. B) A surplus may be reduced by shifting the demand curve rightward. C) A surplus may be reduced by shifting both the supply and demand curves. D) A shortage may be reduced by shifting the supply rightward.
The scientific method is applicable to studying
a. natural sciences, but not social sciences. b. social sciences, but not natural sciences. c. both natural sciences and social sciences. d. None of the above is correct.
Each of the following has been a drag on our economic growth, except
A. poverty, drugs, and crime. B. immigration. C. our declining savings rate. D. higher energy costs.