The services of farmers are an example of:
A. capital.
B. a natural resource.
C. labor.
D. entrepreneurship.
Answer: C
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Explain the income effect and the substitution effects of a price change for a normal good
What will be an ideal response?
The resource market is different from the product market because
a. in the resource market, firms don't maximize profit b. in the resource market, households don't maximize utility c. in the resource market, firms are demanders and households are suppliers d. supply and demand do not apply in the resource market e. supply and demand do not apply in the product market
If individuals do not hold checkable deposits, we know that
A) M = CU. B) H = CU. C) the money multiplier is 1. D) all of the above
If the Pareto criteria are taken literally, _____ percent of United States residents must agree for a policy change to be a move towards efficiency
a. 25 b. 50 c. 75 d. 100