In economic terminology, when a resource is used to produce output it is referred to as
A) an intangible.
B) a factor of production.
C) a service.
D) a fifth element.
Answer: B
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Who is likely to complain to state regulatory authorities about unlicensed movers defrauding customers?
A) Consumer organizations B) Individual customers who are planning to move C) Individual customers who have already used unlicensed movers and have not been thoroughly satisfied D) Licensed movers E) Unlicensed movers
A country that has a comparative advantage in producing capital goods will ________ a country that has a comparative advantage in consumption goods
A) reap all of the gains from trade when it trades with B) grow slower than C) reap fewer of the gains from trade when it trades with D) specialize in producing capital goods and trade with
Before 1980, U.S. investors rarely invested in foreign capital markets
Indicate whether the statement is true or false
Which of the following can result in a decrease in the demand for I-Pods in the short run?
A) a decrease in the population B) a decrease in real household incomes C) a decrease in the price of MP4s D) All of the above