A factor of production refers to any good or service that is:
A) produced by the government.
B) produced in a competitive market.
C) used to produce other goods and services.
D) produced using scarce economic resources.
C
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It is generally claimed that state trading, or centrally controlled trading will tend to reach a lower economic welfare than would be reached by allowing market forces to determine trade flow directions and terms of trade
Illustrate a counter-example to this proposition.
In the basic closed-economy ISLM model, the LM curve can be described by an equation where
A) output is a function of consumption. B) money is a function of interest rates. C) output is a function of money. D) interest rate is a function of output.
In the above figure, what is total profit at the profit-maximizing point?
A) $14 B) $56 C) $42 D) $70
Which of the following examples illustrates an oligopoly market?
a. a farmers' market with many individuals selling sweet corn and tomatoes b. a city whose electrical service is provided by one electric co-operative c. a city with two firms who are licensed to sell school uniforms for the local schools d. a city with many independently-owned hair styling salons