Which of the following would be categorized as "land"?
A) timber
B) human capital
C) buildings
D) entrepreneurship
Answer: A
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Opportunistic behavior may occur when
A) a firm buys its inputs from multiple suppliers. B) firms incur significant transaction costs when negotiating contracts. C) a firm backwards vertically integrates. D) a firm can buy a key component from only one supplier.
An advantage of automatic stabilizers is that this type of fiscal policy is not subject to:
a. imprecise knowledge of full-employment real GDP. b. special interest groups. c. lag time problems. d. All of these are true.
The main process by which a recessionary gap is eliminated is a(n)
a. increase in wages that shifts the aggregate supply curve inward. b. drop in wages that shifts the aggregate demand curve inward. c. increase in wages that shifts the aggregate demand curve outward. d. drop in wages that shifts the aggregate supply curve outward.
A perfectly competitive firm is a price taker because:
a) It has no control over the market price of its product. b) Market demand is downward sloping. c) It has market power. d) Its products are differentiated.