A country's factors of production include its:
a. capital.
b. natural resources.
c. labor, capital, and natural resources.
d. labor.
Ans: c. labor, capital, and natural resources.
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Stephanie has decided to eat lunch between classes. She has ranked her choices, from highest to lowest as, (1 ) turkey sandwich, (2 ) tuna sandwich, (3 ) slice of cheese pizza, (4 ) cheeseburger
The opportunity cost of the eating turkey sandwich is A) the combined value of the tuna sandwich, slice of cheese pizza and cheeseburger. B) the value of tuna sandwich, the next best choice. C) the value of the cheeseburger. D) zero since she has satisfied a want.
If the workers of a firm successfully negotiate an increase in wages, which of the following is most likely to happen?
A) The demand curve for the product the firm produces shifts rightward. B) The demand curve for the product the firm produces shifts leftward. C) The supply curve of the product the firm produces shifts rightward. D) The supply curve of the product the firm produces shifts leftward.