The conversion of resources into consumer goods or services is called
A) human capital.
B) production.
C) opportunity cost.
D) absolute advantage.
B
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Refer to the Article Summary. The article discusses income inequality, and for some people this means a more equitable distribution of income is needed in the economy. Would an equitable distribution of income necessarily be the most efficient distribution of income?
A) No, it is impossible to have an economically efficient distribution which is also an equitable distribution. B) No, an economically efficient distribution of income would not necessarily be equitable. C) Yes, in order for the distribution to be equitable, it must also be efficient. D) Yes, equitable and efficient are two different words which have the same definition.
Since individual buyers and individual sellers in a competitive market have no influence on the market price, what do we call the buyers and sellers in a competitive market?
Hot dogs and hot dog buns are complements. If the price of a hot dog falls, then Question 15 options:
A. the demand for hot dogs will increase. B. the quantity demanded of hot dogs will decrease. C. the demand for hot dog buns will increase. D. the demand for hot dog buns will decrease.
Refer to the information provided in Figure 26.1 below to answer the question(s) that follow.
Figure 26.1Refer to Figure 26.1. At aggregate output levels above $1,500 billion, firms in this economy are most likely experiencing
A. costs rising faster than output prices. B. costs lagging behind increases in output prices. C. costs falling as prices output increase. D. costs increasing as fast as output prices.