Which of the following statements is false?
A) Capital consists of produced goods that can be used as inputs for further production.
B) The terms resources, inputs, and factors of production are synonyms.
C) Labor consists of the physical, but not mental, talents of people who contribute to the production process.
D) Entrepreneurship is one of the four categories of resources.
E) The resource category land includes natural resources, such as minerals, forests, water, and unimproved land.
Ans: C) Labor consists of the physical, but not mental, talents of people who contribute to the production process.
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Gross domestic product is the total dollar value at current prices of all final and intermediate goods produced by a nation during a given time period
a. True b. False Indicate whether the statement is true or false
Assume that the marginal utilities for the first three units of a good consumed are 200, 150, and 125, respectively. The total utility for the first unit is:
a. 125 b. 150 c. 200 d. 350
If the real GDP in Afghanistan grew at an annual rate of 1.5 percent and the country's population grew at an annual rate of 2.5 percent, how long would it take for GDP per capita to double?
A. Approximately 72 years because real GDP is growing at a very low rate. B. It will never double because population is increasing more rapidly than real GDP. C. Approximately 36 years. D. Approximately 14 years.
Which of the following is an example of the law of one price in action?
A. Wages in India are lower than wages in the United States, and so firms move their call centers to India. This tends to raise wages in India and depress wages in the United States. B. If one county has a comparative advantage in producing a particular good, another country must have a comparative advantage in producing another good. C. Prices are just one of the many factors that firms use when deciding where to locate production. D. Because most industries in the United States are dominated by one or two firms, the dominant firm sets the price and other firms in the industry follow.