Which of the following is the best example of land?
A. The water used to make a soft drink.
B. A factory that produces new goods and services.
C. The ethanol refined from corn.
D. A barber's chair.
Answer: A
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A factor of production that cannot be used outside of a particular sector of an economy is a(an)
A) specific factor. B) mobile factor. C) variable factor. D) import-competing factor. E) export-competing factor.
The sum of the utilities from each possible outcome of a situation weighted by the probability of that outcome is known as
A. marginal utility. B. expected utility. C. total utility. D. expected value.
The price of coffee is always equal to one-half the price of tea. When we plot the budget line for coffee and tea, coffee is plotted on the horizontal axis. What is the slope of this budget line?
A) -1/2 B) 1/2 C) -2 D) 2
Which of the following best describes the concept of laissez-faire?
a. Government should not intervene in the economy b. Government should actively intervene in the economy whenever it judges the action to be beneficial. c. Government should intervene in the economy only to promote short-term economic stability. d. Government should intervene in the economy only to maximize long-term growth rates. e. Government should intervene in the economy only when the economy is not at full employment or there is substantial inflation.