What is a production function?
What will be an ideal response?
Production is a process that transforms resources into goods or services. A production function is a relationship between inputs and output. It is a technological relationship and not an economic relationship.
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The demand and supply schedules for pizza are in the table above. A price ceiling of $2 per slice results in
A) a surplus of 20 slices of pizza. B) a shortage of 20 slices of pizza. C) a shortage of 40 slices of pizza. D) a shortage of 60 slices of pizza. E) neither a shortage nor a surplus.
The United States gained significant strength globally in manufacturing production during the Civil War (1861–1865)
Indicate whether the statement is true or false
Which of the following would lead to a short-run market surplus for tomatoes?
A) The price of tomatoes increases. B) A new government study shows that tomatoes have a greater risk of contamination from salmonella. C) An increase in the price of potatoes. D) A decrease in the number of tomato growers.
A country can gain by importing a good that it can make itself if
a. this enables the country to make another good in which it is extremely efficient. b. it has an absolute disadvantage in the good. c. this permits the country to establish comparative advantage in the good. d. All of the above are correct.