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ns 008.18.0-MC- MANKOS The inputs used to produce goods and services are called | 0 a....
Capital, as a factor of production, refers to O A. the physical goods used to produce other goods and services. O B. the production technology used by firms. O C. stocks, and bonds but not money. OD. the production factors imported from abroad. O E. money, stocks, and bonds.
u services produced anyw O D. the value of all final goods and services produced dom 2 Final goods or services used to compute GDP refer to: O A. the sum of all wages paid to laborers. O B. the factors of production used to produce output. O c. goods and services purchased by the ultimate users. 0 D, the value of outstanding shares of stock of manufacturing fir 3 The demand measure of GDP accounting adds together: A. wages...
0 The figure given below represents the production possibilities curve for goods and services in an economy 0 Figure 2.3 0 • Curvey • Curve X • • Services • cess ) O Refer to Figure 2.3. The movement from Curve X to Curve Y indicates O a contraction in the production of services OR YOU b. expansion in the ability to produce goods. Tools O c. expansion in the ability to produce services. d. contraction in the production of...
Hint: Draw the circular flow model before answering the following questions) Use the following answer for questions 12-18 A. has little or no control over the wage it pays its workers. B. inputs used to produce goods and services C. derived demands. D. Increased E decreases, and the value of the marginal product of labor 12. The factors of production are best defined as the 13. Capital, labor, and land are 14. Capital, labor, and land have 15. To say...
Question 10 4 pts The inputs into production of goods and services that are provided by nature, such as land, rivers, and mineral deposits are called human capital. O technological knowledge. natural resources. physical capital.
43) Resources used to produce goods and services are called Ofa financial resources capital Onatural resources
1. A country's resources (land, labor, and capital) are used to produce the goods and services that satisfy the wants of its population. For each of the following, identify whether it should be classified as land, labor, or capital and justify your conclusion. Remember to consider the economic use of these terms (i.e. land, labor, and capital). a four year college degre a. b. the software used to make Facebook available to users c. 100 shares of Microsoft stock d....
A firm uses two inputs x1 and x2 to produce
output y. The production function is given by f(x1, x2) = p
min{2x1, x2}. The price of input 1 is 1 and the price of input 2 is
2. The price of output is 10.
4. A firm uses two inputs 21 and 22 to produce output y. The production function is given by f(x1, x2) = V min{2x1, x2}. The price of input 1 is 1 and the price...
2. When productive factors (the services of capital and labor, for example) are combined to produce a unit of output, and the production requires the participation of both inputs, a problem arises as to how to distribute the output as factor payments (wage and rental payments) to reward the owners of the participating inputs. The issue of how to fairly distribute the output as factor payments has preoccupied economists for generations. The most common solution that emerges in competitive markets...
II. A simple economy with two factor inputs and two outputs. Let there be two factor inputs: land denoted T and labor denoted L. The resource endowment of T is Tº = 8; the resource endowment of L is Lº = 8. Let there be two goods: z and y. Robinson has a utility function u(x,y) := xy. The prevailing wage rate of labor is w, and the rental rate on land is r. Good is produced in a single...