Which of the following is NOT considered to be an economic resource?
A) your economics professor
B) the telephone company repair truck
C) the local gas station
D) a view of the stars on a clear night
D
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If the two individuals' indifference curves through their endowment bundles are tangent to one another at the endowment bundle (in the Edgeworth Box), then the endowment bundle is a competitive equilibrium allocation.
Answer the following statement true (T) or false (F)
A firm's short-run average cost is defined as
a. the ratio of total output to short-run total cost. b. the ratio of short-run total cost to total output. c. the additional cost of producing one more unit of output while some input is fixed. d. the additional cost of producing one more unit of output while all inputs are fixed.
A decrease in a person's real wage necessarily means: a. lower purchasing power
b. a lower nominal wage. c. a lower personal disposable income. d. a higher nominal wage. e. a higher personal disposable income.
Which of the following could lead to an inward shift of the production possibilities frontier?
a. an increase in the cost of one good b. an increase in the utilization of resources c. a rise in the level of technology d. a law is passed whereby a mandatory retirement age of 60 is imposed e. a decrease in the utilization of resources