In general, economists place all factors of production into which three categories?
A. Land, labor, and capital
B. Technology, land, and capital
C. Land, labor, and technology
D. Technology, labor, and capital
A. Land, labor, and capital
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Explain the impact of speculators on markets is similar and how it may be different from the impact of exporters and importers.
What will be an ideal response?
A firm's short-run average cost is defined as
a. the ratio of total output to short-run total cost. b. the ratio of short-run total cost to total output. c. the additional cost of producing one more unit of output while some input is fixed. d. the additional cost of producing one more unit of output while all inputs are fixed.
If housing prices have increased for the past 20 years, it is almost certain that prices will increase the following year
a. True b. False Indicate whether the statement is true or false
Which of the following will be recorded as a debit entry in the balance of trade in merchandise account?
a. A U.S. car manufacturer selling a car to a resident of India. b. A pub owner in Liverpool importing vodka from a U.S. manufacturer. c. A U.S. textile manufacturer buying rawmaterial from farmers in Indonesia. d. A Chinese car manufacturer importing car engines and other spare parts from a U.S. manufacturer. e. A fashion designer from Michigan exporting readymade garments to a dealer in Copenhagen.