The fish in the ocean are what type of market resource?
a. Land.
b. Capital.
c. Entrepreneurial ability.
d. Labor.
Answer: a. Land.
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The financial crisis that began in 2007:
a. was predicted in detail by Alan Greenspan and Ben Bernanke. b. was centered on subprime lending and the complex financial instruments based on subprime loans. c. was caused by a downturn in the stock market. d. None of the above are correct.
In the _______ range of the aggregate supply curve, expansionary fiscal policy that causes aggregate ______ to increase will lead to a higher price level and a higher equilibrium level of real GDP
a. Keynesian, supply b. Classical, demand c. Intermediate, demand d. Intermediate, supply
A firm's AC will eventually begin to rise because
a. managers' salaries rise with output. b. bottlenecks may be reached for some inputs. c. MFC begins to rise near capacity. d. the range of negative returns is reached.
Adam Smith's notion of the invisible hand served as the foundation of
a. mercantilist thought. b. the philosophy of protectionism. c. the liberal economic thought of the nineteenth century d. the neo-Marxian tradition. e. none of the above.