A stand of redwood trees is not an example of a factor of production but the harvested and processed redwood is a factor of production
Indicate whether the statement is true or false
FALSE
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Mike and Tom debone chicken breasts for Ted's Chicken Co. Mike is new and can only debone 60 chicken breasts per hour by hand, while Tom's experience allows him to debone 120 chicken breasts per hour by hand. Ted buys one new machine that can debone 100 chicken breasts per hour. Both Mike and Tom work the same 40 hours per week, but one of them is assigned to operate the machine instead of deboning the chicken breasts by hand. To obtain maximum average hourly productivity, ________ is assigned to use the machine and their combined average hourly productivity as a team is ________ chicken breasts.
A. Mike; 110 B. Tom; 80 C. Mike; 80 D. Tom; 110
From an economic standpoint, the most relevant tax approach to reducing carbon dioxide emissions is a
a. gasoline tax c. carbon tax b. BTU tax d. all of the above
Which of the following statements best describes the price, output, and profit conditions of monopoly?
a. Price will equal marginal cost at the profit-maximizing level of output and profits will be positive in the long-run. b. Price will always equal average variable cost in the short-run and either profits or losses may result in the long run. c. All of the answers are correct. d. In the long-run, positive economic profit will be earned.
Which of the following explains why managers of government agencies have little incentive to achieve operational efficiency?
What will be an ideal response?