With respect to factors of production, which of the following statements is not true?
A. Factors of production are also known as resources.
B. Only those resources that are privately owned are counted as factors of production.
C. In order to produce any good or service, it is necessary to have factors of production.
D. Factors of production include land, labor, capital, and entrepreneurship.
Answer: B
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If reservation prices are positively correlated, then
A) pure bundling cannot increase a firm's profit. B) pure bundling can increase a firm's profit. C) it is unclear whether or not pure bundling can increase a firm's profit. D) consumers lose leverage over firms.
For the six years following the passage of the North American Free Trade Agreement (NAFTA),
a. the U.S. economy had some of the slowest job growth and highest unemployment in its history. b. the U.S. economy had some of the most rapid job growth and low unemployment in its history. c. the U.S. economy had some of the most rapid job growth and modest unemployment in its history. d. the U.S. economy had some of the slowest job growth and modest unemployment in its history.
The equilibrium level of real GDP is $1,000, the target full-employment level of real GDP is $1,500, and the marginal propensity to consume is 0.75. The target can be reached if government spending is:
A. increased by $100 billion. B. increased by $125 billion. C. increased by $500 billion. D. held constant.
Imagine an ideal scenario where world peace prevails and all nations are led by peace-minded leaders. In such a world, the:
A. MB for defense goods would shift left B. MB for defense goods would shift right C. MC for defense goods would shift left D. MC for defense goods would shift right