Which of the following statements about economic resources is false?
A) Economic resources include financial capital and money.
B) Economic resources are also called factors of production.
C) Economic resources are used to produce goods and services.
D) Some economic resources are human-made while others are found in nature.
Answer: A
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What is partial equilibrium analysis?
What will be an ideal response?
For a country to acquire more physical capital it:
A. must forgo current consumption. B. faces the investment trade-off. C. must pay for the investment by reducing current consumption. D. All of these are true.
Economic models suggest that movie stars have salaries that
a. greatly exceed their marginal contribution to the movie studio's revenue. b. understate their full contribution to the movie studio's revenue-as the celebrities are the main reason that people go to see movies. c. are about equal to their marginal revenue products. d. can only be explained by looking at specific movie stars and their individual salaries.
Suppose an economy only produces two goods, robots and ice cream. Last month, the economy produced 10 robots and 200 gallons of ice cream. This month, the same economy produced 15 robots and 240 gallons of ice cream. Which of the following statements could explain this change?
a. This month, the economy reduced the unemployment of its resources. b. This month, the economy experienced an improvement in technology. c. This month, the economy experienced an increase in resources d. All of the above are correct.