A skilled worker is an example of:
a. unproductive resources.
b. land resources.
c. labor resources.
d. capital resources.
e. both labor and capital resources.
c
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In an input market, economic rent is defined as the:
a. total remuneration paid to a factor of production. b. minimum amount required to retain a factor of production in its present use. c. total cost for a firm of renting land, equipment, and buildings. d. extent to which payments to a factor of production exceed the minimum amount required to retain it in its present use.
When a firm produces 1 unit of output total cost is €350. When the firm produces 2 units of output, total cost is €450. The marginal cost of producing the second unit of output is:
(a) €100. (b) €150. (c) €250. (d) €350.
If the total cost of production increases by 10% and output increases by less than 5%, then the firm is experiencing
A. constant returns to scale. B. decreasing average total costs. C. diseconomies of scale. D. economies of scale.
The market demand curve for a public good:
A. shows the total number of units that would be produced by the private sector at each possible price. B. is derived in the same manner as demand curves for private goods. C. shows the total value that all individuals place on each unit of the good. D. is derived by horizontally summing all individual demand curves.