A production possibilities curve shows the combinations of products which can be produced in an economy which is fully employing and efficiently using its productive resources
Indicate whether the statement is true or false
TRUE
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Which of the following statements is correct?
A. Structural unemployment is unemployment resulting from changes in the structure of consumer demand or technology. B. Search unemployment is the broadest unemployment category because it covers all other types of unemployment. C. Frictional unemployment is the result of friction between labor and management over how best to perform work. D. Cyclical unemployment is also called wait unemployment because this unemployment depends on the timing of the business cycle.
Which of the following would have the least amount of influence on a manager's choice of which inputs to employ in a production process?
A) The price of a competitor's output. B) The technology of the production process. C) The marginal productivity of the inputs that can be used in the production process. D) The prices of the inputs that can be used in the production process.
The vertical distance between a firm's average total cost curve and its average variable cost curve is its
a. marginal cost b. sunk cost c. total variable cost d. total fixed cost e. average fixed cost
Suppose you are planning to open a lemonade stand. List separately all the explicit and implicit costs that might be involved