List and briefly describe the five factors of production.
What will be an ideal response?
Natural resources-those resources provided by nature. Labor-the physical and mental effort used by people to produce goods and services. Physical capital-the infrastructure, equipment, machines and structures used to produce goods and services. Human capital-the knowledge and skills obtained by workers through education and experience. Entrepreneurship-the organizing and coordination of the other four factors of production needed to produce and sell products.
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Refer to the below graphs. (Assume that the pre-migration labor force in Country A is 0d and that it is 0u in country B.) If business income is total output minus total labor cost, then business income in country B after emigration occurs:
A. Increases by area vqsw
B. Increases by area qsr
C. Decreases by area qsr
D. Decreases by area vqsw
In 2003, the Social Security tax was around _____ of total federal taxes
a. 17 percent b. 26 percent c. 31 percent d. 39 percent
Free markets coordinate economic activity in such a way as to eliminate the possibility of inflation or unemployment
a. True b. False Indicate whether the statement is true or false
Suppose the market for shoes consists of three consumers. The accompanying table shows the quantity demanded at various prices for each consumer:PricePer PairPairs Demandedby PatPairs Demandedby LeighPairs Demandedby Chris$100010$75031$50173$302105 What is the market demand for shoes when the price is $50 a pair?
A. 15 pairs B. It will depend on the quantity supplied when the price is $50 a pair. C. 7 pairs D. 11 pairs