To economists, land includes all ______________, or gifts of nature, used in the production process.
a. investment
b. natural resources
c. input resources
d. capital
a. investment
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Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
After trade, at a world price of Pw, the net gain of producer surplus equals area(s)
A. B + C. B. D. C. A + B + C + D. D. B + C + D.
How does the income approach measure GDP?
What will be an ideal response?
A marginal external cost is the cost of producing an additional unit of a good that falls on the producer
Indicate whether the statement is true or false
What is the most probable reason why garbage men have higher wages than waiters?
A. Marketplace discrimination B. Active unionization in the garbage collection field C. Higher demand for garbage men than nurses D. The nonmonetary attractiveness of garbage collection causing fewer people to want to be garbage men