Reference no: EM13243652
Which of the following resources receives income known as interest when it is used in the production process?
A) entrepreneurship
B) economic capital
C) land
D) labor
Which of the following is not part of the input market?
a. capital
b. entrepreneurship
c. firms
d. land
A points outside the production possibilities frontier indicates _______
a) an output combination that is presently impossible to attain
b) opportunity costs are constant
c) that resources are not being efficiently used
d) that resources are being used most efficiently
Points that lie outside the production possibilities frontier are
a) attainable if the product mix were altered
b) inefficient
c) attainable if resources were used more efficiently
d) attainable with more resources
Which of the following is not part of the input market?
a. capital
b. entrepreneurship
c. firms
d. land
The law of increasing relative cost is due to _______
A) the fact that resources are specialized
B) insufficient use of technology
C) the fact that total costs increase as more is produced
D) scarcity
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Define the ir spectrum shows a strong absorption
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What is the effect of this tax on labor demand
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Which of the following resources receives income
: Which of the following resources receives income known as interest when it is used in the production process? entrepreneurship
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