Which of the following describes a situation in which a good or service is produced at the lowest possible? cost?
A) marginal efficiency
B) productive efficiency
C) allocative efficiency
D) profit maximization
B) productive efficiency
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Mr. McConaughey has the afternoon, 5 hours, to spend doing whatever he wants. How much time does Mr. McConaughey spend with his friends and family and how much time does he spend breaking a sweat to maximize his total utility?
A) 3 hours with friends and family and 2 hours breaking a sweat B) 2 hours with friends and family and 3 hours breaking a sweat C) 0 hours with friends and family and 5 hours breaking a sweat D) 3 hours with friends and family and 4 hours breaking a sweat
Suppose Larry's Lariats produces lassos, and uses nine feet of rope to make each lasso. The rope is put into a machine that automatically cuts it to the right length, then seals the ends to prevent fraying. The rope is then hand tied, dipped, and wound before being placed in a packaging machine to prepare it for retail sale. The total costs for this company would include:
A. the cost of rope. B. employee's wages. C. the rope-cutting machine. D. All of these expenses would be included in total cost.
The sum of payments made to resource owners for the use of their resources is
a. Gross Domestic Product b. Net Domestic Product c. National Income d. Personal Income e. Disposable Income
Speculators make their profits on
a. price differences in different time periods. b. price increases from inflation. c. avoiding double taxation of income. d. the difference in interest rates on stocks and bonds.