Which of the following is not an example of a factor of production?
a. A forest. b. A computer program.
c. A labor leader. d. Dollars.
d
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Along a short-run aggregate supply curve, a decrease in the price level means that
A) more output is produced as consumer demand increases. B) less output is produced as firms decrease production. C) more output is produced as firms increase production because wages fall more than the price level falls, making it profitable to hire more workers. D) output does not change because firms do not change the quantity they produce.
The ratio of public debt to GDP for the United States,
a. is higher than it was in the 1940s b. is not unlike the ratios in most industrialized countries c. is substantially less than the ratios in most industrialized nations d. is approximately 0.33 e. puts the U.S. economy on the verge of bankruptcy
Macroeconomic equilibrium occurs when:
a. Expected supply equals expected demand. b. Expected leakages equal actual injections. c. Actual leakages equal expected injections. d. Actual supply equals actual demand and actual leakages equal actual injections. e. Expected amount supplied equals expected amount demanded, which means expected leakages equal expected injections.
When demand changes and the demand curve shifts, equilibrium price and equilibrium quantity change in the same direction.
Answer the following statement true (T) or false (F)