In economics, the term "land" means
A) only land that is used in agricultural production.
B) land, mineral resources, and nature's other bounties.
C) land that is devoted to economic pursuits.
D) land used for agricultural and urban purposes.
B
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In the above table, if this is a perfectly competitive firm and the market price of the product is $10, what is the marginal revenue product of worker 4?
A. $411 B. $100 C. $210 D. $120
Perfectly competitive firms must make all of the following decisions except
A. what price to charge for their output. B. how much output to supply. C. how much of each input to demand. D. which production technology to use.
The main advantage of trade between two countries is that
A. employment in both countries will increase. B. trade will lead to a more equitable distribution of income in both countries. C. both countries have consumption choices beyond their current resource and production constraints. D. trade makes both countries more self-sufficient.
Endogenous growth theory rejects the assumption of exogenous
a. production functions. b. knowledge. c. technology. d. both b and c. d. all of the above.