The term factor of production refers to
A. Labor only.
B. Factories and machinery only.
C. Only those goods that are produced and then used to produce other goods and services.
D. Any resource input used to produce goods and services.
Answer: D
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How many elderly people are covered by Medicare?
A. one third B. one half C. almost all D. almost none
This graph illustrates the marginal costs and marginal benefits of acquiring information before making a major purchase.
Suppose this graph describes a town in which the only way to gather any information about the good is through Consumer Reports. If the subscription price of Consumer Reports increases, then the impact of this could be portrayed by the marginal:
A. cost curve shifting from MC0 to MC1. B. benefit curve shifting from MB1 to MB0. C. cost curve shifting from MC1 to MC0. D. benefit curve shifting from MB0 to MB1.
We observe a market in which the price has risen and the quantity sold has risen as well. This could be caused by a(n):
a. Increase in demand b. Decrease in supply c. Decrease in demand d. Increase in supply
If the marginal propensity to consume (MPC) increases, then
A. the multiplier increases. B. the marginal propensity to save (MPS) increases. C. the multiplier decreases. D. MPC + MPS is less than 1.