Which of the following is considered to be an economic resource?
A. Rent
B. Money
C. Interest
D. Capital
D. Capital
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Which of the following is a reason why the wage rate of high-skilled workers exceeds the wage rate of low-skilled workers?
A) The market for high-skilled workers is more competitive than the market for low-skilled labor. B) The demand for high-skilled workers exceeds the demand for low-skilled workers. C) The number of high-skilled workers exceeds the number of low-skilled workers. D) Low-skilled workers often are in the process of acquiring more human capital.
Refer to the diagram for a noncollusive oligopolist. We assume that the firm is initially in equilibrium at point E, where the equilibrium price and quantity are P and Q. If the firm's rivals will ignore any price increase but match any price reduction, the firm's marginal revenue curve will be (moving from left to right):
A. D 1 ED 2 .
B. MR 2 abMR 1 .
C. MR 2 aMR 2 .
D. MR 1 bMR 1 .
If a nation protects an industry because it believes that there are positive externalities in the production process, it is asserting that the free market will
A) produce less than is optimal from society's point of view. B) produce more than is optimal from society's point of view. C) produce the correct amount but charge too high a price. D) produce the correct amount but charge too low a price. E) None of the above.
Which of the following activities will not be included in the GDP of an economy?
a. Sam buying a toy car imported from China from a toy shop in Boston b. Jane paying a certain amount to Moe to mow her lawn c. Bob buying a pound of cherries to garnish the cakes made in his bakery shop d. Corey paying his landlord rent for his new apartment