The major cost of production in the economy is
A. interest expense.
B. capital costs.
C. rents.
D. profits.
E. wages.
Answer: E
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If one allows natural resources to be a factor of production, then it is possible to explain the Leontief Paradox for the United States on the grounds that U.S. imports are natural resource intensive
Indicate whether the statement is true or false
In the United States, the dramatic increase in government social spending since the mid-1960s has
a. made incomes less equally distributed b. made incomes equally distributed c. not greatly increased the money income share of the poorest fraction of the population d. greatly increased the money income share of the richest fraction of the population e. decreased the percentage of families in the lowest fifth
Suppose a basket of goods and services has been selected to calculate the CPI and 2012 has been selected as the base year. In 2012, the basket's cost was $50; in 2014, the basket's cost was $52; and in 2016, the basket's cost was $55 . The value of the CPI in 2016 was
a. 90.9. b. 104.0. c. 105.0. d. 110.0.
Greta’s company has developed a new technology that will make the production of most major military systems considerably more efficient. Which point on the production possibilities curve represents the result of this development?
a. A
b. B
c. C
d. D