Which of the following is true of resources?
a. Capital resources include manual labor.
b. Natural resources are available in nature and are available at a zero price.
c. Labor includes the skills and training people acquire to use in production.
d. Technological know-how is an example of a natural resource.
e. Human capital is the technical term for a robot.
c
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The figure above shows a production possibilities frontier. In the figure, when the economy moves from point E to point D, what is the opportunity cost of a DVD?
A) 0.25 cell phones B) 0.5 cell phones C) 1 cell phone D) 4 cell phones E) zero
Stagflation usually results from
A) a supply shock. B) an increase in aggregate supply. C) a decrease in aggregate demand. D) an increase in aggregate demand.
If, as an entrepreneur, I am earning accounting profits of $50,000 per year and the opportunity cost of my time is $60,000
A) I am earning economic profits of $10,000. B) I am earning economic profits of $50,000. C) I should close my business. D) I am in a long-run equilibrium position.
The government decided to reduce taxes on fast-food to increase revenue. The government assumes that fast-food products have
a. An inelastic demand b. An elastic demand c. A demand curve that is upward sloping d. Unitary elastic demand curve