The two human factors of production are
a. labor and mental exertion
b. labor and entrepreneurship
c. entrepreneurship and physical exertion
d. labor and physical exertion
e. entrepreneurship and mental exertion
B
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When the Fed uses contractionary policy,
A) it causes inflation. B) the price level rises higher than it would if the Fed did not pursue policy. C) it does not change the price level. D) the price level rises less than it would if the Fed did not pursue policy.
Competition reduces some but not all discrimination. Where can one expect competition to reduce discrimination, and where is discrimination likely to go on even if there is competition?
What will be an ideal response?
Choose the letter of the curve in Figure 1.2 that best represents a production possibilities curve for two goods that obey the law of increasing opportunity costs:
A. A. B. B. C. C. D. D.
if, for a given policy option, PVNB equals $1,200, and PVC equals $800, then
a. the policy option is not feasible because the value of PVB is $400 b. the ratio, PVB/PVC, equals 1.5 c. the policy option is feasible because (PVB – PVC) is greater than unity d. there is insufficient information to determine if the policy option is feasible