In economics, capital is defined as
a. natural resources, such as water, oil, and iron ore
b. the natural, unskilled abilities of people
c. human creations used in the production process
d. money and other financial assets
e. the willingness of business owners to take risks
C
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Which of the following would be considered rent-seeking activity?
a. A software firm using lawsuits to drive competitors out of business. b. A technology firm investing in extremely expensive capital equipment. c. A large firm trying to charge lower prices than its competitors. d. An auto manufacturer using features and styling to differentiate its models from its competitors'.
What is one reason why the overall unemployment rate understates the actual employment situation?
A. The rate reflects regional differences. B. The rate is not seasonally adjusted. C. Underemployed people are listed. D. Discouraged workers are not included.
If one euro is equal to 0. 60 U.S. dollars, what would be the euro price of a car that costs $10,000?
A. 10,000 euros. B. 60,000 euros. C. 5,000 euros. D. 16,667 euros.
In the long run, a firm in perfect completion will earn which of the following?
a. Economic loss b. Economic profit c. Zero economic profit d. Either economic loss or profit