Profit is the payment made for land resources
a. True
b. False
B
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An inflationary gap will occur when
a. real GDP exceeds nominal GDP. b. nominal GDP exceeds real GDP. c. real GDP exceeds potential GDP. d. potential GDP exceeds real GDP
A bank has a 10 percent reserve requirement, $36,000 in loans, and has loaned out all it can given the reserve requirement
a. It has $3,600 in deposits. b. It has $32,400 in deposits. c. It has $39,600 in deposits. d. It has $40,000 in deposits.
The opportunity cost of holding cash in your wallet
A. tends to increase as interest rates decrease. B. is the foregone interest that could have been earned on other assets. C. is zero. D. None of the choices are correct.
Explain the time dimension as it relates to elasticity. Be sure to include in your answer the difference in elasticity between the short run and the long run
What will be an ideal response?