Changes in which of the following factors would affect the growth of an economy?
I. Quantity and quality of human and natural resources
II. Amount of capital goods available
III. Technology
(a) I only
(b) I and II only
(c) I and III only
(d) II and III only
(e) I, II, and III
Answer: (e) I, II, and III
You might also like to view...
In one day, Brandon can either plow 10 acres or plant 20 acres. In one day, Christopher can either plow 14 acres or plant 14 acres. Which of the following statements about comparative advantage is CORRECT?
A) Brandon has a comparative advantage in both plowing and planting. B) Brandon has a comparative advantage only in plowing. C) Brandon has a comparative advantage only in planting. D) Christopher has a comparative advantage in both plowing and planting.
Consider a monopolist who has a total cost curve of: TC = 7X + (1/2)X2. The market demand equation is X d = 386 - (1/2)P.
A) What are the equilibrium quantity, equilibrium price, and profits in this market? B) Suppose that a unit tax of $1 is placed on the monopolist. What happens to the equilibrium quantity, equilibrium price, and profits? How much tax revenue does the government generate? C) Suppose that the same unit tax of $1 is placed on consumers. What happens to the equilibrium quantity, equilibrium price, and profits? How much tax revenue does the government generate? D) What can be said about the taxes?
Suppose Guild produces 5,000 guitars per year. Its average total cost is $90, and its fixed cost is $250,000 . What is its variable cost?
a. $250,000 b. $450,000 c. $25,000 d. $56,000 e. $200,000
Assume that the market clearing price for portable power banks is $5, but that the maximum price that can be charged is $4. This is an example of
A) a price control that will lead to a surplus of portable power banks on the market. B) a price floor that will lead to a shortage of portable power banks on the market. C) markets failing to ration a fixed quantity of portable power banks. D) a price ceiling that will likely lead to a shortage of portable power banks on the market.