Economists Classify All of the Following as Physical Capital,except One

question 77

Multiple Choice

Economists classify all of the following as physical capital,except one.Which one is not capital?

• A)A $20 bill in a firm's petty cash drawer
• B)The building where an economics class meets
• C)A plumber's wrench
• D)A railroad car
• E)A factory

Understand the supply function and its derivation from production and cost conditions.

Recognize the significance of input prices on firm's production decisions and supply function.

Understand the implications of market structure on firm behavior, including perfect competition.

Analyze the role of fixed and variable costs in firm's production and pricing decisions.

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Definitions:

Economic Status

The level of economic wealth, or prosperity, achieved by an individual, group, or country, often measured by income, wealth, and employment.

Technological Change

Refers to the process by which new technologies are developed and introduced, leading to improvements in productivity, efficiency, or quality in goods and services.

Skilled Labor

Workforce with specialized knowledge, training, and experience requiring advanced skills and education.

Unskilled Labor

Work that requires no specialized skills, education, or training, and often involves manual labor.