Which of the following statements about the economic concept of land is not true?
a. Land includes forests, minerals, and other natural resources.
b. Countries that are rich in natural resources are not always successful in exploiting these resources to produce goods and services.
c. Land can be combined with labor and capital to produce goods and services.
d. Abundant natural resources are necessary for economic growth.
e. Countries that lack natural resources need not be characterized by limited economic growth.
d
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Refer to Table 2-2. According to the law of comparative advantage, both Honduras and Nicaragua could gain if
a. Honduras produced all of the apples and oranges and Nicaragua did not produce anything. b. Honduras specialized in producing apples, Nicaragua specialized in producing oranges, and they traded. c. Honduras specialized in producing oranges, Nicaragua specialized in producing apples, and they traded. d. Nicaragua and Honduras were both were self-sufficient and did not trade.
Refer to Figure 9.7. The amount the government will have to pay to producers to sustain this policy is at least
A) $0. B) $10,000. C) $15,000. D) $20,000. E) $100,000.
In sequential games, an especially important part of strategic behavior is to:
A. "think backward, work forward." B. "think forward, work backward." C. "think forward, act backward." D. "think backward, act forward."
The opportunity cost of attending a movie is the purchase price of a ticket
a. True b. False Indicate whether the statement is true or false