Which is an example of "capital"?
A) A carpenter's skills
B) A singer's voice
C) A judge's unblemished reputation
D) A blast furnace
E) All of the above.
E
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The observation that beyond some point, successive increases in a variable factor of production added to a fixed factor of production lead to smaller and smaller increases in output is
A. the law of diminishing marginal product. B. the law of averages. C. the law of opportunity costs. D. the law of marginal utility.
Refer to the information provided in Figure 12.4 below to answer the question(s) that follow.
Figure 12.4There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of S0 and D0.Refer to Figure 12.4. Assume consumer preference changes toward X and away from Y. Ceteris paribus, a new general equilibrium will eventually be reached in sector Y with a price of ________ and a quantity of ________.
A. P1; Q0 B. P1; Q1 C. P0; Q0 D. P0; < Q1