The factor of production called "capital" refers to:
A. any input that's not a human being or dirt.
B. any piece of raw material that is used to produce goods and services.
C. the amount of money a firm has access in order to run its business.
D. manufactured goods that are used to produce new goods.
Answer: D
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A study of consumers' attitudes toward labor standards for the products they buy revealed that consumers:
a. just do not care. b. would completely change their buying patterns and want to be 100% sure that products they buy are made in foreign factories with good working conditions. c. would pay a slight premium to ensure good working conditions. d. are more concerned about the prices they pay than working conditions overseas.
If a good can be consumed by one person without reducing its availability to others, then it is a ________ good.
A. pure public B. nonrival C. nonexcludable D. common
Consider an industry that is in long-run equilibrium. An increase in demand leads to a decrease in the price of the good. We know that this is
A) a decreasing-cost industry. B) a constant cost industry. C) an increasing-cost industry. D) not a competitive industry.
Two major criticisms of the Bureau of Census data as a portrayal of the degree of income inequality are that the income concept employed is too:
A. Broad and the income accounting period is too short B. Narrow and the income accounting period is too long C. Narrow and the income accounting period is too short D. Broad and the income accounting period is too long