The costs involved with breaking a ban placed on a good depend on all of these except the:
A. punishment associated with rule breaking.
B. likelihood of being caught.
C. likelihood of being punished if caught.
D. ability of the public or individuals to pay for those costs.
D. ability of the public or individuals to pay for those costs.
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Technological efficiency necessarily means producing
A) at minimum cost. B) with the highest level technology available. C) without using more inputs than necessary. D) technology itself.
The agency responsible for compiling the National Income Product Accounts for the U.S. economy is the:
A. Council of Economic Advisers. B. Bureau of Economic Analysis. C. National Bureau of Economic Research. D. Bureau of Labor Statistics.
If a corporation goes bankrupt, who among the following has first claim on the firm's assets?
A) stockholders B) the state where the corporation was chartered C) employees D) bondholders
The long run is a period of time, or a time-frame, in which:
A. All resources are fixed B. The level of output is fixed C. The amount of all resources can be varied D. The capacity of the production plant is fixed