Which of the following broad categories are resources divided into?
a. Natural resources, labor, capital, and entrepreneurial ability
b. People, money, and machines
c. Free, scarce, abundant, and unlimited
d. Savings, spending, investment, and capital
e. Human, technological, and government
Answer: Natural resources, labor, capital, and entrepreneurial ability
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A public good can be consumed by
A) only one person who does not have to pay for it. B) only one person who has to pay for it. C) everyone simultaneously, as long as they pay for it. D) everyone simultaneously, even if they do not pay for it.
Pessimists among the classical economists were least able to foresee the continual advancement in
a. managerial techniques b. technology c. birth control methods d. geographic discovery e. all of the above
You lose your job and as a result your demand for steak falls. This implies that you consider steaks to be a
a. Complementary good b. Normal good c. Inferior good d. Substitute good
Based on the table for the federal tax burden, which group of earners pays about one-quarter of total federal taxes?
a. lowest 20%
b. third 20%
c. fourth 20%
d. top 1%