All of society's applied knowledge on how to produce goods and services is
A) held by university professors.
B) called technology.
C) opportunity cost.
D) efficiency.
Answer: B
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Don's Pasture Apple Cider Company buys four inputs: apples, glass bottles, apple presses, and computers for record keeping. If the company decides to become more vertically integrated, it will
a. probably start growing apples next b. probably start making glass bottles next c. probably start making apple presses next d. probably start making computers next e. have to grow apples and make glass bottles, apple presses, and computers
If real GDP decreased by 1% and nominal GDP increased by 2%, then output:
a. increased and the price level increased. b. increased and the price level decreased. c. decreased and the price level increased. d. decreased and the price level decreased.
As a result of an increase in the personal income tax rate, consumers are likely to:
A. spend less. B. spend more. C. save more. D. earn more money.
A profit-maximizing monopolist earns an economic loss whenever
A) it pays taxes to the government on each unit of output it produces. B) the price it charges for its product exceeds average total cost. C) the demand curve lies completely below the ATC curve. D) it produces along the elastic portion of a demand curve.