The factors of production are best defined as the
a. output produced from raw materials.
b. inputs used to produce goods and services.
c. wages paid to the workforce.
d. goods and services sold in the market.
b
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If the interest rate on student loans ________, students will ________
A) falls from 6 percent to 1 percent; not change their saving but will change their investment B) rises from 6 percent to 12 percent; increase their consumption before it becomes too expensive C) rises from 6 percent to 12 percent; increase their saving in order to pay back the loan sooner D) falls from 6 percent to 1 percent; increase their saving in order to pay back the loan sooner E) None of the above answers is correct.
The cross-price elasticity between baseballs and tennis balls is likely to be a large positive number
a. True b. False Indicate whether the statement is true or false
Capital deepening occurs when
a. the capital stock increases for a given labor force b. the capital stock decreases for a given labor force c. output decreases d. employment increases e. investment decreases
Who of the following would necessarily be included in the Bureau of Labor Statistics' "unemployed" category?
a. Huey, who did not work during the previous four weeks b. Dewey, who tried to find new employment during the previous four weeks c. Louie, who was an unpaid worker during the previous four weeks d. None of the above is correct.