The nonhuman factors of production are
a. land and entrepreneurship
b. capital and land
c. capital and money
d. money and land
e. entrepreneurship and capital
B
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Economics is a social science rather than a “hard” science like physics because
A. economists abstract from reality when creating their theories. B. economics is easier to study than physics. C. economists must explain their theories to policy makers who lack formal mathematical training. D. economists study human behavior, which is affected by an unpredictable and vast range of influences.
The marginal propensity to consume:
A. is the amount by which consumption increases when after-tax income increases by $1. B. is closely linked to the multiplier effect of government spending. C. is a value between 0 and 1. D. All of these are true.
Refer to the graph below. Assume the consumer has an income of $100, the price of X is $2 and the price of Y is $1. According to the graph, the income effect of a decrease in the price of X from $2 to $1 is equal to: 
A. 20 B. 5 C. 25 D. 30
Price controls involve the use of the power of the state to establish prices different from the ______ prices that would otherwise prevail.
a. demand b. supply c. indeterminate d. equilibrium