The factors of production (please choose all the answers that are correct) include the technology used to turn inputs into output cannot always be purchased in markets cannot be quantified may include the organization of the factors of production by the firm reduce the profits of firms since they are expenses are used by firms to procude output represent the value given up by HH in exchange for income

The factors of production (please choose all the answers that are correct) include the technology used to turn inputs into output cannot always be purchased in markets cannot be quantified may include the organization of the factors of production by the firm reduce the profits of firms since they are expenses are used by firms to procude output represent the value given up by HH in exchange for income

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter1: Introducing The Economic Way Of Thinking

Section: Chapter Questions

Problem 2SQ

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The method of production that largely determines the capability of producers to produce and make products available in the market for sale at various prices * technology. costs of inputs. expectations of future prices. legal factors and considerations.
Economic rent is a surplus payment when viewed by the economy as a whole but a cost of production from the standpoint of individual firms and industries. as the price of land increases, there is an incentive to provide more of the resource. land rents are necessary to the economy to ensure that the land is available for economic use. the supply of land responds to changes in rent, but in order to use the land profitably, revenue must cover the rental payments. the supply of land does not respond to changes in rent, but in order to use the land profitably, revenue must cover the rental payments.
Question: The method of production that largely determines the capability of producers to produce and make products available in the market for sale at various prices A. technology. B. costs of inputs. C. expectations of future prices. D. legal factors and considerations.
The capital earns an interest return on investment in the structure of production because A. Otherwise, he would simply loan his money out at interest rather than invest it B. The capital goods he invests in are productive C. He assumes the burden of waiting for income by advancing money to workers before the sale of the product on the market D. He alone bears the risk of loss if the investment is not successful
To make extra money at school, Sofia starts a house painting business. Sofia’s start-up costs are $480 (including permits and license fee). Additionally, Sofia must purchase painting supplies for each house at a cost of $520 per house. Sofia charges her customers $2,400 per house. It takes 48 hours of working time to paint a house. Sofia has 24 hours a week to dedicate to her painting business. She works every week for one year (52 weeks). Sofia can hire a maximum of 2 other painters to join her team. Each painter works 24 hours per week and she pays each painter $18 per hour. Assume there is only one team of workers (that always includes Sofia), and that her work is so good, she keeps getting offers for jobs. Assume Sofia does not pay herself a salary, but instead earns all profits of the business. *Working by herself, Sofia earns a profit of____? *Working with one employee, Sofia earns a profit of____? *Working with two employees, Sofia earns a profit of____?
A business buys $2,000 worth of inputs from other firms in order to produce a product. The business makes 100 units of the product and each of them sells for $50. The value added by the business to these products is Multiple Choice $5,000. $3,000. $1,000. $2,000.
Higher education: -is not generally worth the costs -is worth the additional expanse for bachelor's degrees and associate's degrees but not for master's degrees and higher. -is only worth the additional expense for professional degrees such as law and medical degrees. -will generally result in lower lifetime earnings, ceteris paribus. -will generally result in higher lifetime earnings, ceteris paribus (all else equal)
An increase in land rents a. will lead to an increase in the marginal revenue product of all inputs used in production except for the land. b. will lead to an increase in the marginal revenue product of all inputs used in production on the land. c. will lead to land to be used less intensively as its marginal revenue product has decreased. d. will bring some previously zero-rent land into productive use.
Which of the following statements is correct? a. A payment for the wear and tear that occurs to capital during the production process is part of necessary product. b. A decrease in the payment to laborers will increase necessary product. c. Surplus product equals total product minus necessary product. d. All of the above are correct. e. Both a and b are correct. f. Both a and c are correct. g. Both b and c are correct. h. None of the above is correct
Which of the following would not be on the statement of cash flows? Group of answer choices Cash flows from investing activities. Cash flows from financing activities. Cash flows from operating activities. Cash flows from contingent activities.
Subject : Literacy in English Revise the following thesis statements so they become thesis statements appropriate for agumentative essays : Total revenue of Bitcoin and Ethereum miners fell sharply in June compared to May 2021
Iowa farmers can choose from five different manufacturers of farm implement equipment. Two of these manufacturers account for more than 80 percent of all the farm equipment sold in Iowa. These two manufacturers produce very similar equipment. Whenever one manufacturer has a sale, offers rebates, or offers special financing, the other manufacturer quickly follows with a similar program. Competitive Situation: Explanation:

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		include the technology used to turn inputs into output
		cannot always be purchased in markets
		cannot be quantified
		may include the organization of the factors of production by the firm
		reduce the profits of firms since they are expenses
		are used by firms to procude output
		represent the value given up by HH in exchange for income