An economy's production of two goods is efficient if
a. all members of society consume equal portions of the goods.
b. the goods are produced using only some of society's available resources.
c. it is impossible to produce more of one good without producing less of the other.
d. the opportunity cost of producing more of one good is zero.
c
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The local Allied Moving Company begins this year with capital equal to $250,000. During the year the firm depreciates $150,000 worth of its capital and ends the year with capital equal to $250,000
Which statement correctly summarizes Allied Moving Company's investment? A) Allied Moving Company made gross investment of $250,000 during the year. B) Allied Moving Company made no net investment during the year. C) Allied Moving Company made no gross investment during the year. D) Allied Moving Company made no capital investment during the year. E) Allied Moving Company made net investment of $150,000 during the year.
Adam Smith asserted that a person should never attempt to make at home
a. what it will cost him more to make than to buy. b. any good in which that person does not have an absolute advantage. c. any luxury good. d. any necessity.
Refer to the graph shown. A decrease in aggregate demand in the short run is likely to cause a movement from:
A. B to A. B. B to D. C. C to D. D. C to A.
Referring to Figure 18.2, Mexican goods will become cheaper in the United States if the exchange rate goes from ________ to ________ pesos to the dollar.
A. 12; 11 B. 12; 13 C. 13; 11 D. 13; 10