Which of the following can be stated as potentially true about any economy?
a. Its future location on its production possibilities frontier has no bearing on its current decisions.
b. Increased supplies of the factors of production will only affect its current location on its production possibilities frontier.
c. Increased supplies of the factors of production will cause its future location to expand inward.
d. Its current choice of positions on its production possibilities frontier helps determine its future location.
d. Its current choice of positions on its production possibilities frontier helps determine its future location.
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Suppose two workers can harvest $46 and three workers can harvest $60 worth of apples per day. On the basis of this information we can say that the
A. marginal revenue product of the third worker is $14. B. marginal product of each of the first two workers is 23. C. marginal revenue product of each of the first two workers is $23. D. third worker should not be hired.
The effectiveness lag is
A) the time it takes for policy makers to obtain data indicating what is happening in the economy. B) the time it takes for policy makers to be sure of what the data are signaling about the future course of the economy. C) the time it takes to pass legislation to implement a particular policy. D) the time it takes for policy makers to change policy instruments once they have decided on the new policy. E) the time it takes for the policy actually to have an impact on the economy.
"To each according to what he or she produces" describes the ________ theory of income determination
A) productivity B) egalitarian C) equity D) needs
The neighborhood ice cream shop finds that when it charges $3 per ice cream cone, its total revenues are $90,000 . It has total variable costs of $30,000 and total fixed costs of $40,000 . From this we can infer the:
a. shop should be moved because the rent is too high. b. price is less than average total cost. c. economic profits are $20,000. d. shop will be closed in the long run. e. shop sells 10,000 ice cream cones.