Capital is best considered as:
A) the natural environment.
B) a factor of production that has been produced.
C) financial assets.
D) money.
Ans: B) a factor of production that has been produced.
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Use the table below to answer the following question.ProducerMinimum Acceptable Product PriceActual Product Price (Equilibrium Price)Kimberly$6$13Drake713Nicki913Victoria1113What is the total producer surplus for all four producers shown?
A. $24 B. $6 C. $19 D. $13
If a worker can produce 20 units of output which can be sold for $4 per unit, what is the maximum wage that firm should pay to hire this worker?
A) It depends on what the going wage rate is in the labor market. B) $80 minus the firm's profit markup C) $80 D) There is insufficient information to answer the question.
Alex just got a new car. Because Alex obtained full-coverage car insurance, Alex will have an incentive to ________ because of ________.
A. drive more cautiously than if he didn't have insurance; adverse selection B. drive more cautiously than if he didn't have insurance; moral hazard C. drive less cautiously than if he didn't have insurance; adverse selection D. drive less cautiously than if he didn't have insurance; moral hazard
The neoclassical synthesis
A) was a name coined by Keynes himself for his new theories. B) rejected virtually all of Keynes' insights. C) held that econometric models of the economy could not be used to predict the future. D) held that economy always operated at or very near the natural rate of unemployment. E) was the dominant school of thought among economists in the 1950s and 1960s.