Arable land, water, machinery, and a professional baseball player are all considered scarce economic _______________ used in the production of goods and services.
Fill in the blank(s) with the appropriate word(s).
resources
You might also like to view...
Suppose two economic models give the same predictions --- but one is simplistic and unrealistic in its assumptions while the other is rich in detail and resembles the real world more closely. If the sole goal of the economist is to predict, then the economist should use the simple and unrealistic model.
Answer the following statement true (T) or false (F)
A production function relates
a. the level of output to the level of technology. b. the price level to the level of aggregate output. c. aggregate output to the level of inputs and technology. d. aggregate demand to aggregate supply.
The Keynesian labor supply function is shown as
a. Ns = g(W/P). b. Ns = g(P/W). c. Ns = t(W/Pe). d. Ns = t(Pe/W).
Which does not necessarily apply to a pure monopoly?
A. The firm must be the sole producer of a product. B. Entry must be blocked. C. The firm must earn economic profits. D. The product the firm produces must have no close substitutes.