Which of the following would be categorized as "land"?
A. timber
B. buildings
C. human capital
D. entrepreneurship
Answer: A
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Consumption goods
A) include spending on machines and buildings so that goods can be produced in the future. B) are goods that are used to make other goods. C) include goods such as DVDs that firms hold in inventory. D) are only the goods bought by households for immediate satisfaction.
From 1970 to 2007 the quantity of M1 fell from 20 percent of GDP to less than 10 percent. This change is because the ownership of credit cards ________ during this time period since ________
A) expanded from 18 percent to 76 percent; credit cards became more widely available and utilized B) expanded from 18 percent to 76 percent; there were several recessions during that period C) fell from 76 percent to 18 percent; credit cards became less widely available and utilized D) remained unchanged; credit cards do not affect the quantity of money E) fell from 76 percent to 18 percent; there were several recessions during that period
An import is any good that is:
A) produced and consumed domestically. B) priced through an auction mechanism. C) produced abroad, but sold domestically. D) rationed and licensed by the government.
Although the U. S. airline industry has only a relatively small number of sellers, the market is nevertheless highly competitive. The reason is that:
A. the number of buyers is very large. B. due to fierce competition, no firm has significant control over the quantity supplied. C. most airline routes are served by relatively many sellers. D. due to fierce competition, no firm has significant control over prices.