The fact that snow cones sales fall when snow accumulated from the sky suggests that snow cones sales and snow on the ground are
A. both directly correlated and inversely correlated.
B. neither directly correlated nor inversely correlated.
C. directly correlated.
D. inversely correlated.
Answer: D
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The total production within an economy is measured as
A) Total Domestic Output. B) Total Annual Output. C) Annual Production Value. D) Gross Domestic Product. E) Gross Home Product.
The case of production with a single variable input is analogous to
a. changing the use of land, labor, and capital in production by a constant absolute amount. b. a controlled laboratory experiment in which the scientist permits one variable to change at a time. c. changing the use of land, labor, and capital in production by a constant percentage. d. specialization in one particular product by a company.
In Econland population and average labor productivity are constant. If a larger proportion of the population becomes employed workers, then total output will ________ and output per person will ________.
A. decrease; decrease B. remain constant; remain constant C. decrease; remain constant D. increase; increase
Use the following table to answer the question below. Giovanni's Production Possibilities ScheduleJorge's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160032040120202408080401601204060801600800The terms of trade for one pound of green beans must lie between ________ and ________ pounds of corn.
A. 1/8, 1 B. 1/4, 1 C. 1, 2 D. 1, 4