Human resources that perform the functions of organizing, managing, and assembling the other factors of production are called
A) physical capital.
B) venture capital.
C) entrepreneurs.
D) productive capital.
C
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Other things remaining the same, which of the following is likely to cause a left shift in the supply curve for labor?
A) A decrease in population B) An increase in population C) A decrease in the demand for the final product that the labor is used to produce D) An increase in the demand for the final product that the labor is used to produce
The government tries to protect the competitive economic system by passing and enforcing
A) price controls. B) tariff legislation. C) antitrust laws. D) building codes and zoning laws.
To say that demand is inelastic means that
A) people do not like the good very much. B) quantity demanded not very responsive to price changes. C) relatively small changes in price lead to relatively large changes in quantity demanded. D) relatively small changes in quantity demanded lead to relatively small changes in price.
Which of the following will have no impact on the demand for ice cream in the short run?
a. A change in population size b. A change in the price of ice cream c. A change in seasons d. A change in consumer preferences e. A change in consumer incomes