An example of a nonrenewable resource is
a. labor
b. capital
c. entrepreneurship
d. iron ore
e. automobiles
D
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Suppose two goods (X and Y ) are being produced efficiently and that the production of X is always more labor intensive than the production of Y. Production depends only on two factors (capital and labor); these may be smoothly substituted for each other. The total quantities of these inputs are fixed. An increase in the production of X and a decrease in the production of Y will
a. increase the capital-labor ratio in each firm. b. decrease the capital-labor ratio in each firm. c. leave the capital-labor ratio for each firm unchanged. d. increase the capital-labor ratio in Y production and decrease the capital-labor ratio in X production.
In a theoretical sense, the "entrepreneurs" at a corporation are its
a. managers b. stockholders c. bondholders d. research and development staff e. boards of directors
Suppose tax laws were reformed to encourage saving by increasing the rate of return on savings. Which of the following would be true?
a. Both the income effect and the substitution effect would tend to increase the amount of money a household saved. b. The income effect would tend to increase household savings while the substitution effect would tend to decrease household savings. c. The income effect would tend to decrease household savings while the substitution effect would tend to increase household savings. d. Both the income effect and the substitution effect would tend to decrease the amount of money a household saved.
Refer to the information provided in Figure 34.2 below to answer the question(s) that follow.
Figure 34.2Refer to Figure 34.2. The dollar is currently at Point A. A depreciation of the euro causes a movement to Point
A. E. B. B. C. C. D. D.