EBK FOUNDATIONS OF ECONOMICS
8th Edition
ISBN: 8220103632225
Author: PARKIN
Publisher: PEARSON
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Question
Chapter 2, Problem 5MCQ
To determine
The correct statement is to be identified from the given options.
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Check out a sample textbook solutionStudents have asked these similar questions
When the natural economic growth process begins in a capitalist economy
A. the prices of capital goods fall relative to prices of consumer goods
B. the demand for saving increases ( i.e. - the demand curve for saving shifts to the right on the market diagram)
C. the consumption/savings ratio rises
D. the quantity of consumer goods produced temporarily decreases
The factor of production _________, and the factor of production _______.
A.
money earns interest; initiative earns profit
B.
capital earns interest; entrepreneurship receives a profit or incurs a loss
C.
investment earns interest; capital incurs depreciation
D.
capital earns rent; entrepreneurship earns wages
The factors of production are best defined as the
a. output produced from raw materials.
b. inputs used to produce goods and services
c. wages paid to the workforce.
d. goods and services sold in the market.
Chapter 2 Solutions
EBK FOUNDATIONS OF ECONOMICS
Ch. 2 - Prob. 1SPPACh. 2 - Prob. 2SPPACh. 2 - Prob. 3SPPACh. 2 - Prob. 4SPPACh. 2 - Prob. 5SPPACh. 2 - Prob. 6SPPACh. 2 - Prob. 7SPPACh. 2 - Prob. 8SPPACh. 2 - Prob. 9SPPACh. 2 - Prob. 10SPPA
Ch. 2 - Prob. 1IAPACh. 2 - Prob. 2IAPACh. 2 - Prob. 3IAPACh. 2 - Prob. 4IAPACh. 2 - Prob. 5IAPACh. 2 - Prob. 6IAPACh. 2 - Prob. 7IAPACh. 2 - Prob. 8IAPACh. 2 - Prob. 9IAPACh. 2 - Prob. 10IAPACh. 2 - Prob. 11IAPACh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Prob. 6MCQCh. 2 - Prob. 7MCQ
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Similar questions
- The four factors of production that produce economic activity are ______. a. Corporations, small businesses, marketing and technology b. Interest rates, unemployment, taxes and growth c. Machines, buildings, money and capital d. Land, labor, capital and enterprisearrow_forwardWhich of the following answer is correct ? Factor of production: getting a loan through a local bank to buy material or expand. A)Entrepreneurship B)Capital C)Labor D)Landarrow_forwardPhysical capital is the factories and machinery used to produce other goods and services. ● e ● ● the talents, training, and education of workers. the financial resources available for investment. the physical labor of workers.arrow_forward
- Why is Productivity important in economics? Give an example scenario Describe Productivity in Economics. Give and example scenario Using the economic definition of productivity can help us to determine how productive we really are. Explain it’s impact on wages, Role of technology and Relationships with consumption.arrow_forwardWhich of the following is a positive economic statement? A. Unemployment insurance payments increase when the unemployment rate rises. B. States should be able to enact their own marijuana legalization laws. C. The government should defund Obamacare. D. The inflation rate in the United States is too high.arrow_forwardWhich of the following is/are examples of physical capital (K)? A. Pine trees in the great northwestern US forests. B. a table saw used to produce furniture in cabinetry shop. C. the most efficient blueprint of auto production. O D. Bob is receiving on the job training to prepare to become a maintenance electrician.arrow_forward
- Which factor is NOT associated with production at a college? Select one: a. the faculty b. classroom buildings c. the computer labs d. electricityarrow_forwardA production possibilities curve can shift inward if there is a. an increase in productivity b. an increase in unemployment c. an increase in the price of raw materials d. a misallocation of resources e. a natural disasterarrow_forwardChoose the Letter of the Correct Answer 1. It refers to a basic economic question that asks what needs and wants to be produced?. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 2. It refers to the skills and talents to produce a product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 3. It refers to the target market of a certain product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 4. A basic economic question that relates about quality and quantity of the product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 5. It is a kind of economic system that is paternal, kinship in nature. A. Traditional economic system B. Market economic system C. Command economic system D. Mixed economic systemarrow_forward
- When Main Street Bank buys new automatic teller machines, the quantity of land and natural resources labor O physical capital entrepreneurial ability, technology, and ideas in the economy increases.arrow_forwardThe economic institution that transforms factors of production into consumer goods is: a. a firm. b. the government. c. lending institutions such as banks and credit unions. d. the stock market.arrow_forwardIn economics, what is the law of diminishing marginal returns? A. The tendency of firms to minimize production costs B. The observation that as additional units of a variable input are added to fixed inputs, the additional output diminishes C. The relationship between inflation and unemployment D. The impact of government regulation on business operationsarrow_forward
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