Production output has dropped at Leah’s Deli. Leah has made several changes at her deli recently. Which one is the most likely explanation for the production output decline?
a. An efficient, new meat slicer was installed.
b. Online ads promoting sandwich specials were released.
c. The dining room booths were updated.
d. Kitchen staff was expanded to meet growing demand.
d. Kitchen staff was expanded to meet growing demand.
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Rent-seeking behavior results in
a. increased economic activity by promoting efficiency. b. lower economic activity by diverting resource to less-productive uses. c. a more equitable distribution of income and wealth. d. lower prices throughout the economy. e. greater income and wealth in the private sector.
The term _____ refers to the idea that the value people place on money depends on where that money comes from
a. decision making b. psychological pricing c. mental accounting d. marketing mix e. anchoring
Given freedom of movement for both goods and resources, if Florida producers specialize in oranges and Georgia producers specialize in peaches, it would be reasonable to conclude that
a. the opportunity cost of growing oranges is higher in Florida than in Georgia. b. Georgia has a comparative advantage in producing oranges. c. Florida has a comparative advantage in producing oranges. d. total output will be expanded when Georgia allocates more resources to producing oranges and Florida allocates more resources to producing peaches.
Most economists support free trade in part because trade restrictions:
A. increase international competition. B. result in larger trade deficits for the nations imposing them. C. reduce international competition. D. provide no revenue for the government.