Capital, labor, and land are
A. resources.
B. factors of production.
C. inputs.
D. all of the above
Answer: D
You might also like to view...
According to the Application, what percentage of the world's population currently lives in urban squatter settlements and therefore has very little housing security?
A) 1% B) 10% C) 30% D) 50%
The function of money that helps assess the opportunity cost of an activity is money's use as a
A) barter tool. B) store of value. C) medium of exchange. D) store of debt. E) unit of account.
Renee runs an accounting firm that does tax returns, which she operates out of a building that she owns downtown. She hires all of the accountants and buys the equipment and supplies for the business. The costs used to calculate the total cost curve include
A. the salaries of the accountants, the equipment and supply costs, and the opportunity cost of the building that houses the firm. B. only the salaries of the accountants and the equipment and supply costs, since she owns the building. C. just the costs of the accountant’s salaries. D. the costs of the accountant’s salaries plus the opportunity costs of the building.
If the price of inputs rises and personal income taxes rise:
a. Price index falls, and real GDP rises. b. Price index falls, and real GDP falls. c. Price index falls, and the change in real GDP is uncertain. d. The change in price index is uncertain, and real GDP rises. e. The change in price index is uncertain, and real GDP falls.