A prudent person is most likely to find the use of financing attractive when purchasing which one of the following items?
What will be an ideal response?
a college education
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The economic way of thinking assumes a politician ignores
A) the costs of her actions. B) the benefits of her actions. C) her own interests after taking the oath of office. D) all of the above. E) none of the above.
Firms will continue to increase their purchase of factor inputs as long as ________
A) the marginal product of a given factor is greater than its real factor price B) the marginal cost of a given factor is lower than its marginal product C) their total revenues are greater than their total costs D) all of the above E) none of the above
Which of the following is true in both perfect competition and monopoly?
a. Firms produce a differentiated product. b. Firms cannot earn economic profit in the long run. c. Individual firms have no ability to control the price of their output but must accept the market price. d. Firms go out of business in the long run if total revenue cannot cover total cost. e. Firms can earn economic profit in the long run.
Which of the following is not a factor of production?
a. A computer chip. b. The service of a lawyer. c. Dollars. d. All of these are factors of production.