Which of the following are considered factors of production?I.LandII.LaborIII.Physical capitalIV.Entrepreneurship
A. I and II only
B. I and III only
C. I, II and III only
D. I, II, III and IV
Answer: D
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Adam Smith and David Ricardo worked together to develop the law of comparative advantage.
Answer the following statement true (T) or false (F)
If demand is unit elastic, revenue
A. and price rise and fall together. B. rises as price falls. C. falls as price rises. D. remains constant as price rises or falls.
Institutions that make loans to borrowers and obtain funds from savers are called
A) financial markets. B) financial intermediaries. C) financial conglomerates. D) financial branches.
If information is less costly and more easily available, then usually this
A. makes markets less efficient. B. increases profit opportunities. C. makes markets more efficient. D. increases the opportunity cost of acquiring more information.