Which of the following is an example of a physical capital in agricultural production?
A) A common canal B) A farmer C) A road D) A tractor
D
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The Coinage Act of 1792 set the relative values of silver and gold coins at 15 to 1 . Suppose the relative values of silver and gold in the market was 14 to 1 . In this case,
a. only silver would circulate as money. b. silver would be hoarded and sold abroad. c. silver would be overvalued at the mint. d. both gold and silver would circulate as money.
In the long-run, the firm can only expand output by adding more variable inputs (workers and raw materials)
a. True b. False Indicate whether the statement is true or false
The degree to which people have access to goods and services that make their lives easier, healthier, safer, and more enjoyable is called the:
A. scarcity standard B. microeconomic standard C. standard of living. D. global standard
If a firm does not sell all of the goods that it produces in a given time period, then the goods
A) do not count in GDP for that time period but always count next period. B) do not count in GDP ever. C) count in GDP the period they are sold to the final user. D) count negatively in GDP as inventory investment. E) count positively in GDP as inventory investment.