Which of the following statements is false?
A) Capital consists of produced goods that can be used as inputs for further production.
B) The terms resources, inputs, and factors of production are synonyms.
C) Labor consists of the physical, but not mental, talents of people who contribute to the production process.
D) Entrepreneurship is one of the four categories of resources.
E) The resource category land includes natural resources, such as minerals, forests, water, and unimproved land.
C
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Your Social Security contributions accumulate in a personal account during your working years, creating a savings balance from which retirement, disability, and health benefits are later paid
Indicate whether the statement is true or false
Costing more than the average person's yearly income, the Atlantic passage in the early seventeenth century was roughly
a. £1 b. £10 c. £100 d. £1,000
Using typical estimates of the sacrifice ratio, how much output would likely be sacrificed to reduce inflation from 4 percent to 2 percent?