Which of the following is not a factor of production?
(a) Labour.
(b) Savings.
(c) Land.
(d) Capital.
Answer: (b) Savings.
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Early industrialization was characterized by labor-saving technology, and this caused U.S. wages to be lower in the manufacturing industry than would otherwise have been the case
Indicate whether the statement is true or false
If Tattling Tina does not tattle, what would Bratty Brenda's best response be
a. Hit b. Not hit c. Run d. Hide
The more inelastic the supply of a particular resource:
a. the higher are its transfer earnings. b. the higher is its economic rent. c. the higher are its total earnings. d. the higher is the elasticity of demand for the resource. e. the lower is the elasticity of demand for the resource.
Your friend Shahla argues that inflation is bad for the economy because it lowers everyone's purchasing power. How would an economist respond to Shahla's statement?
a. Her statement is true. b. Her statement is false because inflation redistributes income but does not change the average level of income in the economy. c. Her statement is true when everyone's nominal income changes by the same amount. d. Her statement is true when wages and benefits are not indexed to the CPI. e. Her statement is true only in a closed economy.