Consider the following list: a worker with training in video gaming technology, 10 hectares of arable land in southern Ontario, a fishing trawler in Nova Scotia, an ice-cream truck at a park in Quebec. Each of these is an example of
A) a capital resource.
B) goods and services.
C) a factor of production.
D) an economic service.
E) a commodity.
Ans: C) a factor of production.
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If a fishing boat owner brings 10,000 fish to market and the market price is $7 per fish, she will have $70,000 in total revenue. If the average variable cost of 10,000 fish is $4 and the fixed cost of the boat is $20,000 . what is her profit?
a. $1. b. $3. c. $1,000. d. $3,000. e. $10,000.
Because central banks intervene in currency markets, the term ____ has been used to describe the system.
A. planned float B. controlled float C. flexible D. dirty float
If the required reserve ratio is one-third, currency in circulation is $300 billion, and checkable deposits are $900 billion, then the money supply is ________ billion
A) $2700 B) $3000 C) $1200 D) $1800
Average fixed cost is defined as:
A. total variable cost divided by quantity. B. quantity divided by total variable cost. C. the change in total variable cost divided by the change in quantity. D. total fixed cost divided by quantity.