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.
B
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A nation is called a creditor if
A. it provided financial assets to other countries. B. its net stock of foreign assets is positive. C. its current account is in deficit during a time period. D. its current account is balanced during a time period.
The MPC in the economy depicted in Figure 9.3
A. Decreases steadily as disposable income increases. B. Equals 1.0. C. Increases steadily as disposable income increases. D. Is constant.
According to the Law of Demand, the demand curve for a good will
A) shift leftward when the price of the good increases. B) shift rightward when the price of the good increases. C) slope downward. D) slope upward.
What are the likely economic effects of social regulation on prices, innovation, and competition?
What will be an ideal response?