The decision by firms of how to produce output is based on
A. techniques of production available.
B. the price of inputs.
C. the price of output.
D. government oversight.
Answer: A
You might also like to view...
If a large number of workers are classified as being out of the labor force when they are really looking for work, this will lead to an official unemployment rate that is
A) overstated. B) understated. C) neither overstated or understated. D) unbiased.
Corrective taxes are unlike most other taxes because they
a. distort incentives. b. move the allocation of resources away from the social optimum. c. raise revenue for the government. d. move the allocation of resources closer to the social optimum.
Which of the following is defined as the percentage by which the entire set of a nation's trade barriers raises an industry's value added per unit of output?
A. Effective rate of protection B. Revenue effect C. One-dollar, one-vote metric D. Terms-of-trade effect
If Lisa spends her income on veggie burgers and pints of soy milk and the price of veggie burgers is three times the price of a pint of soy milk, then when Lisa maximizes her utility she will buy
A) both goods until the marginal utility of veggie burgers is three times the marginal utility of soy milk. B) three times as many veggie burgers as pints of soy milk. C) three times as many pints of soy milk as veggie burgers. D) both goods until the marginal utility of a pint of soy milk is three times the marginal utility of veggie burgers.