To economists, the resource category land includes all of the following except:
a. trees
b. a sawmill.
c. a water body.
d. a limestone deposit.
b
You might also like to view...
Special taxes levied on earnings for Social Security and Medicare are called
A) an unfair tax on low-income families. B) an exception tax for corporations. C) a social insurance tax. D) a withholding tax on wages.
If the total revenue curve lies completely below the total cost curve, economic profit is zero
a. True b. False
Increases in the overall price level:
A. result in an increase people's dollar-denominated wealth. B. mean that a given number of dollars can buy as much in terms of real goods and services as before. C. tends to cause people to increase their consumption. D. reduce people's real wealth.
Why is the long-run average total cost (LRATC) curve called the planning curve?