Which of the following represents the most valuable resource sold by most households in 2009?
a. Land
b. Labor
c. Capital
d. Entrepreneurial ability
b
You might also like to view...
In the Classical model, aggregate demand determines the
A) level of real output. B) the level of employment. C) the price level. D) the velocity of money.
The marginal cost of a good is: a. the difference between average total cost and average variable cost
b. the addition to total cost from producing one more unit of output. c. decreasing whenever average total cost is decreasing. d. always equal to average variable cost when the firm is maximizing profit.
If Japan imposes a quota on imports of rice, the effect will be
a. less rice and higher price in Japan, lower rice prices in exporting countries. b. more rice and higher price in Japan, higher rice prices in exporting countries. c. less rice and lower price in Japan, higher rice prices in exporting countries. d. more rice and lower price in Japan, lower rice prices in exporting countries. e. less rice and higher price in Japan, higher rice prices in exporting countries.
Colluding oligopolists face a conflict between maximizing joint market profit or their own market share.
Answer the following statement true (T) or false (F)