The statement “Resources employed in producing X are better suited to making Y” is another way of saying resources
A. are specialized.
B. are scarce.
C. are used inefficiently.
D. are unproductive.
E. have no opportunity cost.
Answer: A
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Everything else held constant, if the sum of the required reserve ratio and the excess reserve ratio is less than one, an increase in the currency-deposit ratio causes the M1 money multiplier to ________ and the money supply to ________
A) decrease; increase B) increase; decrease C) decrease; decrease D) increase; increase
Utility is most closely defined by which of the following terms?
a. Useful. b. Worthiness. c. Necessary. d. Satisfaction.
Adam Smith identified all of the following as factors contributing to a nation's economic growth, except
a. size of the labor force b. degree of labor specialization (or division of labor) c. size of the capital stock d. level of technology e. the level of government spending
Changes in market rents are mainly determined by changes in
A. the demand for the fixed factors. B. the elasticity of supply. C. the supply of fixed factors. D. the intensity of production on the land.