Which of the following is NOT counted as an economic resource?
a. Mental abilities of labor.
b. Money supply.
c. Entrepreneurship.
d. Physical labor.
e. All of the above are included.
.B
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Refer to the figure above. The region BAH represents the ________
A) consumer surplus after taxation B) tax incidence on consumers C) tax incidence on producers D) deadweight loss due to taxation
Suppose the demand for widgets is given by QD = 100 - 5p - pd + 2I, where I is average consumer income, p is the price of lemons, and pd is the price of doodads. According to this equation, doodads are a(n) ________ for widgets
A) substitute B) complement C) input D) None of the above
As the gross domestic product increases, it is easier for all levels of government to
A. maintain trade deficits. B. carry out their functions. C. reduce their spending. D. conserve natural resources.
At the equilibrium price, Question 30 options:
A. the quantity demanded equals supply. B. the government is setting the price. C. the quantity supplied equals demand. D. the quantity demanded equals the quantity supplied. E. there can be either a small surplus or a small shortage.