Which is a factor of production?
a. Interest
b. Money
c. Rent
d. Capital
d. Capital
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Shares of stock are:
A. legal promises to make regular payments to the stockholder. B. claims to partial ownership of a firm. C. legal promises to repay a debt. D. regular payments made to owners of a firm.
Long Beach Island, off the coast of New Jersey, is considering building a sand barrier to protect the houses on the island from future hurricanes. For residents of Long Beach Island, this barrier system would be a
A) private good. B) natural monopoly. C) common resource. D) public good.
You put money into an account that earns a 5 percent nominal interest rate. The inflation rate is 2 percent, and your marginal tax rate is 20 percent. What is your after-tax real rate of interest?
a. 3.6 percent. b. 2.4 percent. c. 2.0 percent. d. 4.4 percent.
In Figure 22.2, which area represents total value to the smoker? 
A. 0BCQ* B. 0P*CQ* C. 0ACQ* D. BP*C