The long-lived physical equipment and structures that a business uses in its production process are called
A. functions.
B. capital.
C. land.
D. inventory.
Answer: B
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The lower portion of the circular flow model contains factor markets in which households provide:
a. labor, money, and machines. b. savings, spending, and investment. c. natural resources, labor, and capital. d. output of all final goods and services produced.
When an economy is operating at a point on its production possibilities frontier, then
a. consumers are content with the mix of goods and services that is being produced. b. there is no way to produce more of one good without producing less of the other. c. equal amounts of the two goods are being produced. d. All of the above are correct.
The equation of exchange is an economic theory
Indicate whether the statement is true or false
The significance level of a test is:
A. the probability of rejecting the null hypothesis when it is false. B. one minus the probability of rejecting the null hypothesis when it is false. C. the probability of rejecting the null hypothesis when it is true. D. one minus the probability of rejecting the null hypothesis when it is true.