Which of the following statements is true?
A) Oil is classified as part of the resource category land.
B) A person working for a company is classified as part of the resource category capital.
C) A machine in a factory is classified as part of the resource category land.
D) A person with the particular talent for organizing the resources of land, labor, and capital to produce goods, seek new business opportunities, and develop new ways of doing things is classified as part of the resource category labor.
E) a and d
A
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If the price level increases, there is ________ the AD curve and the quantity of real GDP demanded ________
A) a movement upward along; increases B) a leftward shift in; decreases C) a movement downward along; increases D) no change in; does not change E) a movement upward along; decreases
Two goods that are substitutes are:
a. bacon and eggs. b. camera and film. c. tennis racket and tennis balls. d. movie theater tickets and video rentals. e. coffee and cream.
Which of the following is an exogenous variable in the Three-Sector-Model?
a. Oil prices b. Real GDP c. Quantity of real credit per time period d. Quantity of currency per time period e. All of the above are exogenous variables.
What is calculated as MP x P?
a. revenue gained from the output of an additional worker b. increase in costs associated with an increase in labor c. change in output associated with a change in input d. market price (value) of the company’s total output