If the production of a sofa requires the purchase of 3 types of inputs and the production of a harp requires the purchase of 30 types of inputs,
a. the harp-producing firm will buy the sofa-producing firm
b. the sofa-producing firm will buy the harp-producing firm
c. harp production is more likely to be done by firms than sofa production is
d. sofa production is more likely to be done by firms than harp production is
e. both harp and sofa production will always be done by firms because there is more than one input involved in each
C
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Which of the following are included in interest income?
i. payments made for the use of land ii. income paid to households for loans they make iii. payments made by households for their borrowing A) i, ii and iii B) ii and iii only C) i and ii only D) iii only E) ii only
The ________ the exchange rate, the ________ are foreign-produced goods and hence the greater the quantity of dollars supplied
A) higher; cheaper B) lower; cheaper C) higher; more expensive D) lower; more expensive
The cost-output elasticity is used to measure:
A) economies of scope. B) economies of scale. C) the curvature in the fixed cost curve. D) steepness of the production function.
What does the slope of the production possibilities curve represent? Explain
What will be an ideal response?