Production efficiency means that
A) scarcity is no longer a problem.
B) producing more of one good is possible only if the production of some other good is decreased.
C) as few resources as possible are being used in production.
D) producing another unit of the good has no opportunity cost.
B
You might also like to view...
Most economists believe that the best monetary policy target is
A) the money supply. B) an interest rate. C) the discount rate. D) total bank reserves.
Critics of fixed exchange rates argue that fixed rates: a. reduce uncertainty in international trade
b. result in currency shortages just as wage and price controls lead to shortages in markets for goods and services. c. make nations less constrained in carrying out in internal macroeconomic policies. d. lead to constant, day-to-day changes in the exchange values of currencies.
What is the relationship between the MRP and MPP of labor?
a. MRP is MPP multiplied by the price of the good. b. MPP is MRP multiplied by the price of the good. c. MRP is MPP divided by the price of the good. d. MPP is MRP divided by the price of the good. e. MPP is the wage rate that in equilibrium equals MRP.
Demand is best defined as the:
A) amount of a commodity that buyers would be willing and able to purchase at a specific price. B) price that buyers would be willing and able to pay for a specific quantity of a good. C) relationship between the price of a good and the quantity people are able to purchase, all other things unchanged. D) relationship between the price of a good and the quantity people are willing and able to purchase, all other things unchanged.