What are the four factors of production?
What will be an ideal response?
1)Land and Natural Resources
2)Labour: human efforts
3)Entrepreneurial Ability
4)Capital goods
You might also like to view...
Refer to the table above. ________ has the comparative advantage in making pies and ________ the comparative advantage in making cakes. Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. Julia; Martha B. Martha; Julia C. Julia; Julia D. Martha; Martha
The process involved in bringing oil to world markets can take years. Substitutes for oil-based products such as gasoline are limited. As a result
A) the supply of oil is very inelastic and the demand for gasoline is inelastic over short periods of time. B) the supply of oil is very elastic and the demand for oil is very elastic over short periods of time. C) the supply of oil and the demand for oil shift to the right over short periods of time. D) the supply of oil and the demand for oil are both perfectly elastic over short periods of time.
To the extent that customers can resell products to each other, the effectiveness of a price discrimination strategy will be undermined
Indicate whether the statement is true or false
Refer to the information provided in Figure 4.6 below to answer the question(s) that follow.Equilibrium in this market occurs at the intersection of curves S and D.
Figure 4.6Refer to Figure 4.6. At equilibrium, producer surplus is area
A. A. B. G. C. A + B + C. D. E + F + G.