A basic factor of production that is used to produce output is:
A. labor.
B. technology.
C. capital.
D. All of these are considered factor inputs.
Answer: D
You might also like to view...
Clipper ships
a. allowed for profitable shipping on both short and long journeys. b. dominated Atlantic trade by 1850. c. were among the first ships to have iron hulls. d. earned huge profits transporting passengers and cargo during the gold rushes to California and Australia. e. All of the above.
The idea that expected future increases in output cause increases in the current money supply and that expected future decreases in output cause decreases in the current money supply, rather than the other way around, is known as
A. nominal adjustment. B. Granger causality. C. reverse causation. D. money neutrality.
The purpose of an effluent fee imposed on a firm is
A) to increase output of its product by increasing the resources allocated to production. B) to increase output of its product by reducing the resources allocated to production. C) to reduce output by increasing production costs thereby reducing resources used. D) none of the above
John is currently spending all of his income. For the last unit of Good X consumed John gets 20 utils and for the last unit of Good Y consumed he gets 10 utils. The price of Good X is $10. The price of Good Y is $1. If John wants to maximize his utility
he should A) continue to purchase the same amount of Good X and Good Y. B) increase the consumption of Good X and decrease the consumption of Good Y. C) decrease the consumption of Good X and increase the consumption of Good Y. D) decrease the consumption of Good X and decrease the consumption of Good Y.