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Alex and Dylan mow and trim lawns. Currently, each man mows and trims a lawn by himself, but the process takes a long time. They would MOST likely improve their efficiency if
product market
the scarcity of factors of production relative to the unlimited wants of humans.
Consumers take more vacations that require long-distance car travel
people with college degrees usually earn more than those with less education
Alex mows a lawn while Dylan trims the same lawn.
the individuals who are willing to pay for the new dam
purchasing $100 worth of stock in a start-up company
All of the above
The opportunity cost associated with going to college instead of taking a full-time job for $20,000 per year includes:
product market
the scarcity of factors of production relative to the unlimited wants of humans.
Consumers take more vacations that require long-distance car travel
people with college degrees usually earn more than those with less education
Alex mows a lawn while Dylan trims the same lawn.
the individuals who are willing to pay for the new dam
purchasing $100 worth of stock in a start-up company
All of the above
The nation of Welton needs to build a new dam to control flooding near its largest city. If Welton is a pure market economy, then these new improvements will MOST likely be left up to
product market
the scarcity of factors of production relative to the unlimited wants of humans.
Consumers take more vacations that require long-distance car travel
people with college degrees usually earn more than those with less education
Alex mows a lawn while Dylan trims the same lawn.
the individuals who are willing to pay for the new dam
purchasing $100 worth of stock in a start-up company
All of the above
When the U.S. government purchases a submarine from a company, the government has made a major transaction in the
product market
the scarcity of factors of production relative to the unlimited wants of humans.
Consumers take more vacations that require long-distance car travel
people with college degrees usually earn more than those with less education
Alex mows a lawn while Dylan trims the same lawn.
the individuals who are willing to pay for the new dam
purchasing $100 worth of stock in a start-up company
All of the above
The fundamental problem of economics is:
product market
the scarcity of factors of production relative to the unlimited wants of humans.
Consumers take more vacations that require long-distance car travel
people with college degrees usually earn more than those with less education
Alex mows a lawn while Dylan trims the same lawn.
the individuals who are willing to pay for the new dam
purchasing $100 worth of stock in a start-up company
All of the above
A good example of the effect of education on income would be that
product market
the scarcity of factors of production relative to the unlimited wants of humans.
Consumers take more vacations that require long-distance car travel
people with college degrees usually earn more than those with less education
Alex mows a lawn while Dylan trims the same lawn.
the individuals who are willing to pay for the new dam
purchasing $100 worth of stock in a start-up company
All of the above
A man has $100 to invest and hopes to receive 10 times the amount back ($1,000) by the end of 5 years. This could be BEST accomplished by
product market
the scarcity of factors of production relative to the unlimited wants of humans.
Consumers take more vacations that require long-distance car travel
people with college degrees usually earn more than those with less education
Alex mows a lawn while Dylan trims the same lawn.
the individuals who are willing to pay for the new dam
purchasing $100 worth of stock in a start-up company
All of the above
The government has recently raised the excise tax on gasoline making it more expensive. Which of the following consumer responses would NOT be a predictable response to this government imposed negative incentive?
product market
the scarcity of factors of production relative to the unlimited wants of humans.
Consumers take more vacations that require long-distance car travel
people with college degrees usually earn more than those with less education
Alex mows a lawn while Dylan trims the same lawn.
the individuals who are willing to pay for the new dam
purchasing $100 worth of stock in a start-up company
All of the above
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