Which of the following are factors of production?
a. Just labor and capital in industrialized countries, where natural resources are no longer used to produce goods and services.
b. Land (natural resources), labor (human capital, entrepreneurship), and capital (constructed inputs such as factories).
c. The outputs generated by the production process transforming land, labor, and capital in to goods and services.
d. Restricted to the land resources such as natural resources that are unimproved by human economic activity.
b
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The distinction between physical and financial capital is that
A) physical capital is equal to financial capital minus depreciation. B) financial capital depreciates and physical capital does not. C) the value of financial capital depends on the amount of available physical capital. D) physical capital is equal to financial capital plus depreciation. E) financial capital is used to purchase and operate physical capital.
Secondary markets make financial instruments more
A) solid. B) vapid. C) liquid. D) risky.
Reduced competition through merging of companies will raise social welfare
a. if the social cost from the synergies exceeds the benefit of increased market power. b. if the benefit from the synergies exceeds the social cost of increased market power. c. always. d. never.
Credit cards are
A) not money. B) not money, because they can't be used to purchase goods and services. C) considered to be money. D) counted as a part of M2 but not M1.