Each of the following is an example of an economic resource except
A. land.
B. money.
C. capital.
D. labor.
B. money.
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Supporters of advertising claim that it:
a. increases the variety of products. b. attacks established brand loyalties. c. allows new firms to compete. d. all of these.
In the capital market, households ________ savings and firms ________ funds.
A. supply; supply B. demand; demand C. demand; supply D. supply; demand
The crowding-out effect refers to:
A. higher interest rates and reduced private spending that results from financing federal budget deficits. B. higher future taxes accompanying budget deficits to reduce private consumption. C. the inflation rate to rise when the unemployment rate is low. D. increases in private savings to reduce interest rates and, thereby, crowd-out government
At the competitive firm's profit-maximizing quantity of labor:
A. the value of the last worker's marginal product is greater than or equal to marginal cost of that input. B. the value of the last worker's marginal product is less than the marginal cost of that input. C. marginal profits are always positive. D. the average product of labor is equal to the wage rate.