Which of the following are considered factors of production? I. Land II. Labor III. Physical capital IV. Entrepreneurship

Secondary markets make financial instruments more

A) solid. B) vapid. C) liquid. D) risky.

The belief that a cut in the income tax rate must raise government income tax revenue has the implicit assumption that

A) higher income tax reduces the number of hours worked. B) higher income tax increases the number of hours worked. C) leisure is always an inferior good. D) None of the above.