In a circular-flow model, households supply all of the following except
a. labor
b. goods and services
c. capital
d. entrepreneurial ability
e. natural resources
B
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The table below shows four alternative techniques for assembling a car. Which of the four techniques for assembling a car cannot be economically efficient with any input prices?
A) T-1 B) T-2 C) T-3 D) T-4
Which of the following best describes an entrepreneur?
a. A person who combines the factors of production to produce innovative products. b. A special type of capital. c. Wealthy individuals who provide savings that stimulate the economy. d. A person who works as an office clerk at a major corporation.
Which of the following is least associated with union jobs and contracts?
A. high-skilled workers B. both private and public sectors jobs C. jobs in industries that are controlled by just a few firms D. a large population of black workers E. a large population of immigrant workers
A price ceiling that is set above the equilibrium price:
A. will lead to excess supply in the market. B. will lead to a black market. C. will lead to excess demand in the market. D. will have no effect on the market.