Which of the following is non-rivalrous and does not have to suffer from diminishing returns? O a. Ideas O b. Land O c. Human capital O d. Physical capital
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- The problem of choosing the appropriate production techniques refers to which type of economic problem? O a. What to produce? O b. How to adchieve economic growth? Oc For whom to produce? Od. How to produce? There is a graph showing all the combinations of goods and services that can be produced using the available resources in the society. The graph is called as, O a. None of these O b. Production possibility curve Oc Demand curve O d. Supply curve An individual is called a 'seller if he has the O a willingness to sell tof O b. ability to pay seshon Oc desire to buy Od. ability to buyThe production possibility curve shows all the following except O a. Economic growth O b. The law of demand O c. The supply curve of 2 goods O d. The law of increasing opportunity cost O e. Inefficiency in productionciples of Microeconomics - Spring21 Which of the following is CORRECT? Select one: O a. If a firm is technologically efficient, it is always economically efficient. O b. If a firm is technologically efficient, it is always producing at the lowest costs of production. O c. If a firm is economically efficient, it is always technologically efficient. O d. None of these answers is correct. DUS PAGE NE
- E3. It is where cities continuously grows, resources become scarce and people tend to seek new land for them to plant cops and other resources for their survival? O a. financial age O b. start-up age O c. explorer's age O d. information's ageThe primary reason that living standards in some countries are higher today than they were a century ago is that O a. Human capital has increased O b. physical capital per worker has increased O c. more productive natural resources have been discovered Od. technological knowledge has increasedWhich of the following economic system represents an egalitarian society? O a. Capitalist economy O b. Socialistic economy Oc Mixed economy Od. None of these Machines, tools, equipment, as factor of production are cailed.. Oa Capital O b. Enterprise Oc Laborers Od. Land In a capitalist economy, what does private property mean? O a. Public and private sector resources Ob. Government owned resources in an economy. Oc Equipment and buildings owried by business or individuals Od. Buildings, farms, etc. owned by individuals and the government
- The table below represents the combinations of beef and corn produced on a tract of land of a given size and fertility Corn (bushels) Beef (kg) 10000 8000 6000 900 1200 4000 1400 2000 1475 0. 1500 Which of the following combination represents unattainable production levels with the current tract of land? Select one: O a. 8000 bushels of corn and 500 kg of beef O b. 200 bushels of corn and 1475 kg of beef O c. Both 8000 bushels of corn and 1200 kg of beef and 6000 bushels of corn and 1300 kg of beef O d. 8000 bushels of corn and 1200 kg of beef O e. 6000 bushels of corn and 1300 kg of beefThe following does not seem to be belonging to the Asian marketplace, other than Japan. O a. Inefficient entrepreneurs O b. Factory to the world Home to high-skilled labor O d. Big FDI recipientQUESTION 4 Capital per year K₂ Figure 7.3.2 4₂ L₂ C₁ Labor per year Refer to Figure 7.3.2 above. Which of the following changes, which causes the move from A to B? O a. The quantity to be produced Ob. A decrease in the cost of capital r Oc. The budget of the producer d. A decrease in the wage rate w
- A business model explains: Select one: O a. How the organization creates value O b. How the organization captures value O c. How the organization delivers value O d. All of the aboveIf the aggregate supply curve shifts leftward, then a. the resulting increase in the price level is usually called cost-push inflation b. the price level increases and output increases c. the price level increases as long as the aggregate demand curve shifts rightward d. the resulting increase in the price level is usually called demand-pull inflation e. the price level decreases and output increasesSuppose the cost of machines increases to 55, while the cost of labor stays at 40. How would that affect the total cost of the three methods? Which method should the film choose now?