The three broad types of factors of production are:
A) capital, labor, and natural resources.
B) money, profit, and interest.
C) stocks, bonds, and financial assets.
D) technology, human capital, and comparative advantage.
Ans: A) capital, labor, and natural resources.
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The price for labor is the wage rate. What happens to the quantity of labor demanded if wages increase?
a. It increases. b. It decreases. c. It does not change. d. The whole demand schedule shifts to the left.
What is the main function of leading indicators?
a. They provide information about the direction in which an economy might be moving in the short term future. b. They reveal important structural deficiencies in an economy and are therefore useful for predicting long-term economic growth potential. c. The index of leading indicators is the key measure of a nation's economic growth and development. d. They show how to correct economic recessions and/or hyperinflation. e. Leading indicators are exclusively used by central bankers to help them determine the monetary base.