Which of the following is NOT counted as an economic resource?
a. Forests.
b. Mental abilities of labor.
c. Stocks and bonds.
d. Entrepreneurship.
e. All of the above are included.
.C
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In an open economy, the quantity supplied of bushels of corn is ________. 
A. 300 million bushels B. 600 million bushels C. 900 million bushels D. 150 million bushels
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
Suppose that the price of a money clip increases from $0.75 to $0.90 and quantity supplied rises from 8,000 units to 10,000 units. Use the midpoint formula to calculate the price elasticity of supply
A) 1.22 B) 1.0 C) 0.82 D) 0.07
Unplanned inventory decreases prompt firms to cut back on production until equilibrium output is restored
a. True b. False Indicate whether the statement is true or false