The factors of production are the:
A. ingredients that go into making any good or service.
B. outputs that society as a whole have chosen to produce.
C. costs and benefits of a given production process.
D. list of inputs required for a given durable good.
A. ingredients that go into making any good or service.
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DeShawn's Detailing is a service that details cars at the customers' homes or places of work. DeShawn's cost for a basic detailing package is $40, and he charges $75 for this service
For a total price of $90, DeShawn will also detail the car's engine, a service that adds an additional $20 to the total cost of the package. Should DeShawn continue to offer the engine detailing service? A) yes, but only if he raises the price of the basic detailing package B) No, his marginal benefit is less than his marginal cost. C) Yes, he still makes a profit by selling the engine detailing service with the basic detailing package. D) More information is needed for DeShawn to make this decision.
In 2008, expected inflation exceeded inflation. In 2009, inflation exceeded expected inflation
Therefore the real interest rate was ________ than the expected real interest rate in 2008 and the real interest rate was ________ than the expected real interest rate in 2009. A) less; less B) less; greater C) greater; less D) greater; greater
Refer to Figure 9.6. As a result of this policy, producer surplus will be
A) $2000. B) $3375. C) $4500. D) $6000. E) $12,000.
Which of the following was the least prominent crop grown in the colonial U.S.?
a. Tobacco b. Sugar c. Wheat d. Rice