In economics, resources are also known as
A) minerals.
B) factories.
C) factors of production.
D) human capital.
Answer: C
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When airlines overbook a flight and passengers are paid to take a later flight, which category of passenger is most likely to give up their reservations?
A) Passengers not in a hurry B) Poor passengers C) Selfish passengers D) Unselfish passengers E) Wealthy passengers
The graph of the average cost curve
A. is identical to the AVC curve. B. is above the AVC curve C. lies everywhere below the AFC curve. D. lies below the AFC curve.
If the going rate of interest were 8 percent and the expected profit rate were 14 percent, then the opportunity cost of a firm carrying out a $100,000 project for one year with its own funds would be
A. 0.
B. $6,000.
C. $8,000.
D. $14,000.
Labor productivity is
A) the quantity of output produced in one hour by several workers. B) the quantity of capital one worker can produce in one day. C) the quantity of output produced by one worker or by one hour of work. D) the quantity of output produced in one hour by one machine.