Which of the following is correct? Factors of production are
only land and labor.
land, labor, the price system, and capital.
V the inputs used to produce goods and services.
the fundamental source of abundance.
Factors of production include
From 8 to 11 pm, Sam can either attend a basketball game, a hockey match or the symphony.
Suppose that Sam decides to attend the hockey match and thinks to herself that if she did not
go to the match she would go to the symphony. Then the opportunity cost
The night before a midterm exam, you decide to go to the movies instead of studying for the
exam. You score 60 percent on your exam. If you had studied the night before, youd have
scored 70 percent. What was the opportunity cost of your evening at the mov
When Al makes the statement, "The cost of living has increased 10 percent over the past 10
years," he is
making a normative statement.
testing an economic model.
facing the standard of living tradeoff.
V making a positive statement.
Which of the follow