List the four main factors of production
What will be an ideal response?
The five main factors of production are labor, capital, natural resources, and entrepreneurial ability.
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With fixed exchange rates, a country
A) cannot conduct independent monetary policy. B) can conduct independent monetary policy. C) cannot conduct independent fiscal policy. D) Both A and C.
Which of the following best explains the difference between neoclassical economics and behavioral economics?
A. Neoclassical economics believes that government should play a minimal role in the economy, while behavioral economics calls for a more active role for government. B. Neoclassical economics assumes that people are rational in their decision making, while behavioral economics believes people make systematic errors. C. There is no real difference; behavioral economics just studies more intently how the rational decision-making process works. D. Neoclassical economics no longer offers valid explanations for economic outcomes, while behavioral economics does.
Answer the following statements true (T) or false (F)
1) Strong economic growth since 1960 has allowed nations like Singapore and Ireland to surpass nations such as the United Kingdom and France in real GDP per capita. 2) Strong property rights inhibit economic growth by strictly regulating economic behavior. 3) Strong patent laws encourage innovation and promote economic growth. 4) The intense competition of free trade prevents the investment that generates economic growth. 5) A competitive market system promotes growth by providing producers with market signals on which to base investment and production decisions.
The above figure gives your budget line between CDs and magazines. Which combination of CDs and magazines are affordable?
A) combination a B) combinations a, b, c, and d C) combination c only D) combinations b, c, and d