Physical capital is:
A. the stock of equipment and structures that allow for the production of goods and services.
B. the skills a human being acquires that enhances the available stock of equipment.
C. the set of skills, knowledge, experience, and talent that determine the productivity of workers.
D. All of these describe physical capital.
A. the stock of equipment and structures that allow for the production of goods and services.
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Karl Marx said all of the following, except that
A. in the long run, capitalism would collapse. B. capitalists and workers generally had the same economic interests. C. one's social consciousness was determined by one's relationship to the means of production. D. whomever controlled a society's capital controlled that society.
At Phil's Pretzel Stand, we found the following: 4 laborers produced 66 pretzels 5 laborers produced 76 pretzels 6 laborers produced 85 pretzels 7 laborers produced 88 pretzels What was the marginal product of the sixth laborer?
A) 10 pretzels B) 9 pretzels C) 6 pretzels D) 3 pretzels
Oil prices increased significantly in 2008. According to the Keynesian model, this increase in oil prices should have caused which of the following to occur?
A. demand-push inflation B. cost-pull inflation C. demand-pull inflation D. cost-push inflation
Answer the following statements true (T) or false (F)
1. Public policy has been ineffective in alleviating the resource misallocation problem in American agriculture. 2. The price and income support programs for agriculture have given the most benefit to those farmers with the most need for the government assistance. 3. Farmers, though a small proportion of the population, can impose a large total cost to taxpayers in the form of agricultural subsidies because the average cost imposed on each individual taxpayer is small and not given much attention by a large number of taxpayers. 4. Agricultural price support programs result in consumers paying lower prices for the product. 5. Domestic farm subsidies improve world trade and contribute to greater efficiency in the international allocation of agricultural resources.