Which of the following fundamental resources is the basis of labor?
a. Capital
b. Natural resources
c. Time
d. Profit
e. Entrepreneurial ability
c. Time
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In an efficient market, a scarce good generally has a ____ than a less-scarce good
a. higher price b. higher total utility to consumers c. more even distribution across income classes d. lower price in off-peak periods
Economists argue that we can calculate the value of a human life by observing voluntary risks that people take every day
a. True b. False Indicate whether the statement is true or false
An increase in government spending by $100 would, if the MPC = 0.90, result in an increase in real GDP by:
A. $1,000. B. $9,000. C. $900. D. $190.
Refer to the graph above. Which of the following would shift the investment demand curve from ID 2 to ID 3 ?
A. A lower real interest rate
B. Rising maintenance costs of investment goods
C. Increasing business taxes
D. Falling stock of capital resources while output is high