Economic efficiency entails
A) producing a given amount of output with the most expensive mix of inputs.
B) producing a given amount of output with the least number of inputs.
C) producing a given amount of output with the most inputs.
D) producing a given amount of output with the cheapest mix of inputs.
D
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A consumer purchases a book by driving across town to a bookstore, standing in line for five minutes to pay the cashier, and then pays $5
The same book is purchased by another consumer who spends 2 minutes placing the order over the internet for $10. The book necessarily cost the first consumer less. Indicate whether the statement is true or false
Unemployment insurance is:
A. offered by companies as a way to affect the level of frictional unemployment. B. offered by the government as a way to affect the level of seasonal unemployment. C. money that is paid by the government to people who are unemployed. D. All of these are true.
Figure 9.5 represents the market for used cars. Suppose buyers are willing to pay $5,000 for a plum (high-quality) used car and $3,000 for a lemon (low-quality) used car. Initially buyers believe that 80% of used cars in the market are lemons (low quality). Compared to the outcome with these initial expectations, how many fewer cars are sold in equilibrium?
A. 50 B. 80 C. 110 D. The number of cars sold in equilibrium is the same as the outcome with neutral expectations.
In 2017, President Trump's major tax cut included a cut in the corporate tax rate from:
A. 35 to 22 percent. B. 29 to 24 percent. C. 48 to 23 percent. D. 50 percent to zero.