Factors of production are the
A) goods and services produced by the economy.
B) productive resources used to produce goods and services.
C) goods that are bought by individuals and used to provide personal enjoyment.
D) goods that are bought by businesses to produce productive resources.
E) productive resources used by government to increase the productivity of consumption.
B
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What are the different things that are not accounted for in the calculation of the GDP of a country?
What will be an ideal response?
When the government imposes a payroll tax on workers,
A. the costs of hiring remain constant. B. the effects are identical to the effects had the government imposed the tax on employers. C. total employment remains constant. D. the labor supply curve shifts to the right. E. workers' real wages are unchanged.
The special-interest groups model of government explains why:
A. the government fails to use resources efficiently. B. the government protects endangered species. C. there are subsidies to farmers. D. All of these could be explained by this model.
Refer to Table 20-14. The real average hourly earnings for 1965 in 2010 dollars equal
A) $3.87. B) $5.80. C) $12.10. D) $18.14.