A util is a single unit of:
A) the measure of income.
B) the measure of savings.
C) the measure of satisfaction.
D) the measure of expenditure.
C
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A country produces only pencils and erasers. Pencil production is allocatively efficient if the marginal ________ of a pencil equals the marginal ________ of ________
A) cost; benefit; an eraser B) cost; cost; an eraser C) benefit; benefit; an eraser D) benefit; cost; a pencil
Having a competitive advantage emanates from
a. Increased price b. Decreased cost c. One or both of the above d. None of the above
The short-run cost function is:
a. where all inputs to the production process are variable b. relevant to decisions in which one or more inputs to the production process are fixed c. not relevant to optimal pricing and production output decisions d. crucial in making optimal investment decisions in new production facilities e. none of the above
Which of the following is an example of a Giffen good?
a. fish in Japan b. rice in the Chinese province of Hunan c. pork in India d. Both a and b are correct.