The category of "land" includes all natural resources wherein these natural resources include

the land itself, as well as any minerals, oil deposits, timber, or water that exists on or below the
ground. True

These are markets that demand for a product includes both domestic and foreign demand. c.
International markets

They argued that similar benefits accrue from international specialization and trade. c. Adam
Smith and David Ricardo

It refers to the ability to organize production and bear risks. a. Entrepreneurial ability

This is the inverse relationship exists between the price of a good and the quantity demanded in
a given time period. d. Law of demand

Stocks, bonds, and other financial assets are examples of capital/ resources. False

Individuals are assumed to select the alternative(s) that they believe will make them happiest,
given the information that they possess at the time of the decision. True

Self-interested people may donate their time to charitable organizations, give gifts to loved
ones, contribute to charities and engage in other similarly altruistic activities. True

He is an Austrian who developed the concept of marginal utility concurrently and independent
of Jevons. a. Carl Menger

He can be regarded as a transitionary writer wherein he connects the Classical economists and
Utilitarianism to the development of market oriented microeconomics. b. John Stuart Mill

This is the study of decisions, relationships and behavioral patterns of individuals, families,
organizations, industries and markets. c. Microeconomics

This is not a static body of truthsrather; it is an expression of a perspective about economic

activities during a particular historical period. c. Economic theory