Which factor of production receives the greatest share of the U.S. national income?
a. land
b. labor
c. capital
d. entrepreneurship
b
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If government regulations significantly increase the cost of operating within a particular market, one result is that
A) new firms are discouraged from entering the market. B) barriers to entry are nullified. C) a perfectly competitive market environment is encouraged. D) new firms are encouraged to enter the market.
Other things the same, if U.S. residents choose to buy more Chinese goods and services
a. the demand for dollars in the market for foreign-currency exchange shifts right. b. the demand for dollars in the market for foreign-currency exchange shifts left. c. the supply of dollars in the market for foreign-currency exchange shifts right. d. the supply of dollars in the market for foreign-currency exchange shifts left.
A severe and prolonged recession is called
A. a trough. B. a depression. C. a slump. D. a stagnation.
In defining money as M1, economists exclude time deposits because
A. they do not directly serve as a medium of exchange. B. they are not recognized as legal tender. C. they have no intrinsic value. D. they earn an interest for their holders.