Which of the following statements about inputs is correct?
a. A forest is an example of a natural resource; it is also an example of a renewable resource.
b. There is no distinction between human capital and technological knowledge.
c. Human capital is a non-produced factor of production.
d. Physical capital is a non-produced factor of production.
a
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The slope of the production possibilities frontier is defined to be the marginal rate of
A) transformation. B) technical substitution. C) substitution. D) profit.
If the marginal cost of producing steel exceeds the marginal utility of using steel, then for economic efficiency,
a. the price of steel should fall. b. society should produce less steel. c. the price of goods made with steel should fall. d. society should direct resources toward steel production and away from the production of other goods.
Informational asymmetry may apply to a hidden action or hidden characteristic where the informed party may be reluctant to reveal relevant information
a. True b. False Indicate whether the statement is true or false
If the demand curve reflects consumers' full willingness to pay, and the supply curve reflects all costs of production, then which of the following is true?
What will be an ideal response?