Which of the following is the most likely to be a fixed factor of production at a farm?
A. The number of workers hired to harvest the crops
B. The amount of water used each day
C. The land on which the farm is located
D. The amount of fertilizer used each week
Answer: C
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The "law of demand" refers to the fact that, other things remaining the same, when the price of a good rises,
A) the demand curve shifts rightward. B) the demand curve shifts leftward. C) there is a movement down along the demand curve to a larger quantity demanded. D) there is a movement up along the demand curve to a smaller quantity demanded. E) the demand curve shifts rightward and there is a movement up along the demand curve to a smaller quantity demanded.
The Bureau of Economic Analysis refers to the difference between the values for GDP and GDI as
A) gross national product. B) net factor payments. C) transfer payments. D) the statistical discrepancy.
If an economy operates at a point within its production possibilities curve,
a. it lacks the resources necessary to reach the curve. b. it is utilizing all of its resources efficiently. c. it does not confront the problem of scarce goods relative to unlimited wants. d. it is not efficiently using all of its resources.
M2 includes:
a. debit cards. b. credit cards. c. mutual insurance policies. d. money market mutual funds.