The services of farmers are an example of:
A. capital.
B. a natural resource.
C. labor.
D. entrepreneurship.
Answer: C
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According to the Laffer curve, the federal tax rate affects:
a. incentive to work. b. savings. c. investment. d. tax revenue. e. All of these.
The change in total output that results from one additional unit of input is the:
a) Marginal physical product. b) Input price. c) Average product of the input. d) Unit cost of the input.
When deciding whether to engage in an activity or how much to do, people should follow:
A. the principle of microeconomics. B. the principle of macroeconomics. C. the marginal principle. D. the law of supply and demand.
According to the accelerator effect, there is a tendency for investment to decrease when aggregate output decreases, thus accelerating the decline of output.
Answer the following statement true (T) or false (F)