Economists use the term parity to describe government's farm policy because it conveys the meaning of
a. unevenness
b. equilibrium
c. piecemeal or part of
d. equality
e. laissez-faire
D
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Credit card debt is
A) secured debt. B) unsecured debt. C) restricted debt. D) unrestricted debt.
A basic tenet of the theory of the firm is that the firm's primary objective is to
A) stay out of debt. B) produce a given level of output at a specified cost. C) maximize economic profits. D) operate for the benefit of society.
Recently several food companies have adopted policies for "humane" treatment of animals to apply to providers of their meats. The food companies expect that their action will help differentiate their product from their competitors who have not adopted such policies. They expect that "differentiation" of their product will allow them to:
a) Do little to change their price because the food industry is a very competitive industry b) Lower price so they will be able to sell more product c) Raise price to cover higher input costs and get higher profit
The point on the production possibilities curve that is most desirable can be found by:
A. estimating the marginal costs of both products in real or physical terms. B. comparing marginal benefits and marginal costs. C. determining where least-cost production occurs. D. calculating where economic growth will be greatest.