Resources include
A. land, labor and money.
B. entrepreneurship and capital.
C. capital and money.
D. corporations and partnerships.
B. entrepreneurship and capital.
You might also like to view...
In line (2) on the graph below, the variables x and y are:
A. Nonlinearly related
B. Directly related
C. Not correlated
D. Inversely related
Suppose there are 4 million people in an economy that are classified as unemployed. After a more thorough investigation, it becomes obvious that 200,000 of these people are actually phantom unemployed. As a result of this discovery, the unemployment rate will
A. Remain unchanged until the unemployed find a job. B. Decrease. C. Increase initially but decrease when the phantom unemployed receive unemployment benefits. D. Increase.
The marginal utility per dollar that Harold Stratton receives from oranges is greater than the marginal utility per dollar Harold receives from pears. To maximize his utility, what should Harold do?
A) He should acquire more income so that he can afford to buy more oranges and pears. B) He should reduce his consumption of both oranges and pears so that he can buy a greater variety of goods. C) He should buy fewer pears and more oranges. D) He should buy fewer oranges and more pears.
Scott and Tom have dinner together at a new restaurant, and they discover that the portions are huge but taking home leftovers is not allowed. When both decide they are full, Scott forces himself to finish the rest of the food on his plate even though he doesn't really want to, while Tom asks the waiter to remove his plate while it still contains some food. How would an economist describe this behavior?
A. Both Tom and Scott acted rationally. B. Tom acted rationally, maximizing his utility. C. Scott acted rationally, because the food otherwise would have been thrown away. D. Both Tom and Scott acted irrationally.