The physical and mental effort people use to produce goods and services is a description of which factor of production?
A. physical capital
B. human capital
C. labor
D. entrepreneurship
Answer: C
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If the Fed engages in open market sales in direct response to an increase in the rate of inflation, this is known as
A. active policymaking. B. fiscal policymaking. C. passive policymaking. D. direct policymaking.
Real business cycle theory argues that the primary cause of business cycles is fluctuations in
A) preferences. B) government spending. C) the importance of externalities. D) total factor productivity.
There are two states of the world. In state one the person receives one hundred dollars. In state two the person receives fifty dollars. If the person is rational and their expected return is $87.50, then the probability with which state one occurs must be
a. 0.25. b. 0.50. c. 0.75. d. 1.00.
The long-run equilibrium for a monopolistically competitive firm is to the left of the low point on its average total cost curve.
Answer the following statement true (T) or false (F)