Resources can be divided into _______
A. people, money, and machines.
B. savings, spending, investment, and capital.
C. human resources, technology, and government.
D. natural resources, labor, capital, and entrepreneurial ability.
E. income, interest, and expenditure.
Ans: D. natural resources, labor, capital, and entrepreneurial ability.
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Which of the following applies to a real-world socialistic economy?
a. Private ownership of all factors of production. b. Government ownership of all factors of production. c. Government ownership of most of the factors of production. d. Lack of central planning.
The principal factor determining velocity is the
a. level of income. b. frequency with which paychecks are distributed. c. frequency with which taxes are paid. d. growth rate of real output.
According to supply-side fiscal policy, reducing tax rates on wages and profits will:
a. create demand-pull inflation. b. lower the price level but may trigger a recession. c. reduce both unemployment and inflation. d. result in stagflation.
The relative price of a smartphone is
A) the money price of the smartphone divided by the money price of some other good. B) the price of the smartphone compared with what students think it should cost. C) the amount it cost to make the smartphone. D) what the company earned for selling the smartphone.