Factors of production are grouped into four categories
A) land, labor, capital, entrepreneurship
B) land, labor, capital, money
C) land, capital, money, entrepreneurship
D) labor, capital, money, entrepreneurship
A
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In a crop market with a price support above the equilibrium price, the total amount of the subsidy paid to farmers is equal to the
A) quantity of the surplus crop multiplied by the support price. B) quantity of the crop produced multiplied by the support price. C) quantity of the crop purchased by domestic users multiplied by the support price. D) quantity of the surplus crop multiplied by the equilibrium price. E) quantity of the crop purchased by domestic users multiplied by the equilibrium price.
The Board of Governors appoint __________ directors for each Federal Reserve Bank and the member banks elect __________ for the Federal Reserve Bank in their district
A) three; three B) three; six C) six; three D) six; six
As a scientist, an economist's main professional objective is to become wealthy
a. True b. False
The largest single expenditure component of GDP is: a. consumption
b. investment. c. government purchases. d. net exports.