An irrigation system is installed on a farm in Idaho. This is an example of which factor of production?
A. physical capital
B. land
C. human capital
D. labor
Answer: A
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If a firm faces a labor supply curve that is positively sloped, then the marginal cost of labor curve
A) equals the wage rate. B) equals the minimum wage. C) lies above the value of marginal product curve. D) lies above the labor supply curve.
Twenty-nine countries in Europe have formed the European Union (EU). After the EU was formed it
A) eliminated all tariffs among its member countries. B) completed a trade treaty (NAFTA) that reduced tariff rates between the EU and North American countries. C) barred imports of 747 jumbo jets by its member countries; all EU countries must now buy jets from Airbus, a European company. D) greatly decreased imports and exports among its member countries.
Refer to Table 20-14. The real average hourly earnings for 1965 in 2010 dollars equal
A) $3.87. B) $5.80. C) $12.10. D) $18.14.
Brad details cars and Angelina babysits. Angelina agrees to babysit for Brad's kids if he details her minivan. This is an example of
A. legal tender. B. commodity money. C. barter. D. fiat money.