The costs of labor and land used to produce a product is
A) administrative costs.
B) costs of goods sold.
C) net profit plus the cost of capital.
D) none of these choices.
B
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Which of the following statements is true of economic growth?
A) Countries with inclusive institutions are likely to grow faster than countries with extractive institutions. B) In comparison to countries with extractive institutions, economic growth in countries with inclusive institutions is more likely to stagnate in the long run. C) Countries with extractive institutions are likely to grow faster than countries with inclusive institutions. D) Countries with extractive institutions are likely to grow at the same rate as countries with inclusive institution.
To be binding, a price ceiling must be set above the equilibrium price
a. True b. False Indicate whether the statement is true or false