Scarce resources like land, labor, and capital can be categorized as
A) Manufactured resources. B) Natural and biological resources.
C) Human resources. D) All of the above.
Answer: D
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Assume an economy produces only hamburgers and hotdogs and the base year is 2005. Quantity producedPrices 2005200620052006Hamburgers2,0003,0002$3Hotdogs3,0004,0001$1.50Given the data in the table above, what is the value of real GDP in 2006?
A. $ 7,000 B. $ 5,000 C. $10,000 D. $10,500
People react to an excess supply of money by:
a. buying bonds, thus driving down the interest rate. b. selling bonds, thus driving down the interest rate. c. selling bonds, thus driving up the interest rate. d. buying bonds, thus driving up the interest rate.
A purely competitive firm will be willing to produce even at a loss in the short run, as long as:
A. The loss is smaller than its total variable costs B. The loss is smaller than its marginal costs C. The loss is smaller than its total fixed costs D. Price exceeds marginal costs
Refer to the information provided in Figure 9.7 below to answer the question(s) that follow. 
Figure 9.7 Refer to Figure 9.7. This increasing cost industry's long-run supply curve would be found by drawing a line from
A. Points B to E. B. Points B to F. C. Points B to C. D. Points A to E.