The four factors of production (or types of resources) are
A. labor, capital, technology, and entrepreneurial ability.
B. land, labor, capital, and entrepreneurial ability.
C. labor, capital, entrepreneurial ability, and money.
D. land, labor, capital, and money.
Answer: B
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If banks choose to hold excess reserves
A. Lending decreases, and the money supply decreases. B. Lending increases, and the money supply increases. C. Lending decreases, and the money supply increases. D. None of these.
Total revenue is:
A. cost multiplied by quantity of each item produced. B. price multiplied by quantity subtracted from total cost. C. price multiplied by quantity of each item sold. D. None of these is true.
Under the old Soviet version of communism in the U.S.S.R., the questions of 'What?', 'How?', and 'For whom?' were answered by
A. a democratically elected congress called the Duma. B. the law of supply and demand. C. the decisions of hundreds of millions of individual consumers. D. a government planning committee.
The ________ argument was formulated as a rationale for protecting emerging domestic industries from foreign competition
a. antidumping b. infant industry c. job and income d. declining industries