Which of the following is not considered by economists to be an economic resource?
A. Money.
B. Factory workers.
C. Computers at a retail store.
D. A forest.
Answer: A
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Suppose that the interest rate is greater than the equilibrium interest rate. Which of the following occurs?
I. There is an excess quantity of money. II. The quantity of money automatically increases. III. The interest rate falls. A) I B) I and II C) I and III D) I, II and III
In general, a plot of land goes to
A. whomever the government designates. B. the highest bidder. C. the person who can make the best use of it.
Which of the following is a correct statement?
A. A firm receives no individual benefit from strategies that raise the marginal costs of its rivals. B. An incumbent firm may experience a learning curve that allows it to produce at a lower cost than a potential entrant. C. Predatory pricing is easy to prove in a court of law. D. No individual firm can benefit from strategies that raise the fixed costs of all the firms in the industry.
Tim has a toenail clipping business that is a sole proprietorship. If he is sued for a botched pedicure
A. he will be taxed doubly. B. all of his personal assets are at risk. C. he has separation of ownership and control. D. he has limited liability.