Oil found underground in Texas is an example of:
a. labor.
b. land or a natural resource.
c. an entrepreneur.
d. human capital.
e. capital resource.
b
You might also like to view...
Suppose the price elasticity of demand for bouquets of flowers is 4.0. You are charging $8 per bouquet. If you want to increase the quantity of bouquets you sell by 20 percent, what price should you charge?
What will be an ideal response?
If the income effect outweighs the price effect of a wage increase, the labor-supply curve will:
A. slope downward. B. be perfectly flat. C. slope upward. D. be perfectly horizontal.
Perhaps the biggest problem that is faced by those administering workfare programs is
A. that most of the people on welfare are not highly employable. B. too much money is allocated for education and training. C. that welfare recipients have no incentive to work. D. the states are not required to follow any guidelines in administering the program.
Which of the following illustrates the principle of second best?
A. A tax imposed on land, because this tax distorts economic decisions less than taxes on other factors of production. B. The government imposes a tax on a paper manufacturer that equals the cost of cleaning the river damaged by the waste discharged into the river by the paper manufacturer. C. The government decides to impose taxes on all grains, rather than imposing a tax only on wheat. D. The government imposes taxes on gasoline, and the tax revenue collected is used to pay for road repair.