For most firms in the economy, the largest part of factor costs is the cost of
A. labor.
B. capital.
C. property and machinery.
D. land and natural resources.
Answer: A
You might also like to view...
Imperfect knowledge about a product can cause:
a. excessive resources devoted to producing a product. b. consumers paying too high a price for a product. c. overconsumption of a product. d. all of the above answers are true. e. none of the above answers a.-c. are true.
In an economy in which velocity is constant and the same level of real output is produced year after year, a slow increase in the money supply would result in a: a. constant price level
b. slowly increasing price level. c. rapidly increasing price level. d. slowly increasing real GDP. e. rapidly increasing real GDP.
All of the following are examples of positive statements EXCEPT:
A. Tax revenues increase as output per person increases. B. As output per person increases access to consumer goods increases. C. Growth in an economy generates a budget surplus. D. High rates of economic growth are undesirable because of the destruction caused to the environment.
The Great Recession began in ________ and ended in ________.
A. October 2008; December 2011 B. October 2008; June 2009 C. December 2007; June 2009 D. December 2007; December 2011