Which of the following statements about factors of production is false Ahe term 'factors of production' is another term for resources. The factor of production termed labor means human resources. The factor or production termed land means natural resources. The factor of production termed capital means the money which the owners of firms need In order to set their firms up X

Which of the following statements about factors of production is false Ahe term 'factors of production' is another term for resources. The factor of production termed labor means human resources. The factor or production termed land means natural resources. The factor of production termed capital means the money which the owners of firms need In order to set their firms up X

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 10RQ: Give the three reasons that explain why the division of labor increases an economys level of...

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Which of the following statements about factors of production is false The term 'factors of production' is another term for resources. The factor of production termed labor means human resources. The factor or production termed land means natural resources.Y The factor of production termed capital means the money which the owners of firms need in order to set their firms up X
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Hi can you please help with following questions I am not sure how to solve them please assist with question A You are the sole survivor of a shipwreck on a desert island. You do not expect to be rescued.You can either use your time to grow food to consume immediately, or to build new tools andbuildings (capital) which will increase your supply of food in future years. a) Sketch your initial production function (total output of food + capital in terms of yourlabour input), and show how to turn this into a feasible set. Show your optimal choiceof how you spend your time, assuming you initially consume everything you produce.
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Let's put dollar amounts on the flows in the circular flow diagram below. RESOURCE MARKET Costs Resources BUSINESSES buy resources -sell products and Revenue Households sell -Businesses buy PRODUCT MARKET -Businesses sell -Households buy billion oney Income (wages rents Labor, and capital Deurial abay Interest, profita entrepre HONSEHOLDS -Presources .buy products Goods and ds and services Consumption Instructions: Enter your answers as a whole number. Suppose that businesses buy a total of $190 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $96 billion in wages, $28 billion in rent, and $38 billion in interest, how much are households paid for providing entrepreneurial ability? billion b. If households spend $100 billion on goods and $90 billion on services, how much in revenues do businesses receive in the product market?
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1.Explain how a firm uses resources price and value data to determine the appropriate combination of capital and labor resources to use in order to maximize profits. 2.how does this change when the firm want to produce a specific quantity of product with the least cost combination of resources? 3. if a software firm estimates that the MP of labor is 3 apps per month and the price is labor is $1100 per month, while the MP of capital is 5apps per month and its price is $2000, should the firm hire more labor and decrease its capital use or increase its use of capital and use fewer labor resources?