Factors of production are:
A) the resources the economy has available to produce goods and services.
B) generally unlimited in modern economies.
C) always employed in modern economies.
D) the knowledge that can be applied to the production of goods and services.
Ans: A) the resources the economy has available to produce goods and services.
Economics
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In reviewing discussions of life in developing countries, what is it about lifestyles in the low-income countries compared with lifestyles in the high-income countries that most strikes you? Why?
What will be an ideal response?
Economics
"Learning by doing" has the effect of causing:
A) a movement down the LRAC curve. B) a movement up the LRAC curve. C) the LRAC curve to shift up. D) the LRAC curve to shift down.
Economics