The processes used to produce goods and services describes
A) technology. B) entrepreneurship. C) capital. D) innovation.
A
You might also like to view...
For the Jones household it has been estimated that for every ten degrees increase in the outdoor temperature the consumption of ice tea increases by 5 glasses
What type of relationship exists between temperature change and the consumption of ice tea? A) negative relationship B) positive relationship C) no relationship D) maximum relationship
Which of the following short-run outcomes for monopolistic competition is NOT possible?
A) P = MR = MC. B) P > MC > ATC. C) P = ATC. D) P > ATC.
Which of the following reasons might explain why an economy would be operating inside its production possibilities curve (PPC)?
a. Because technological innovations have increased the productivity of labor and capital. b. Because of unemployment or underemployment of labor, perhaps due to discrimination against employing workers of a certain race or gender. c. Because damage to natural resources, such as might be caused by deforestation leading to erosion of topsoil, has shrunk the land resource. d. Because shrinking population has reduced the number of productive workers in the economy.
Which are not generally considered to be complementary goods?
a. Beef and chicken b. Razors and razor blades c. Gasoline and motor oil d. Beer and pretzels