Suppose Jan started up a small lemonade stand business last month. Variable costs for Jan's lemonade stand now include the cost of
a. lemons and sugar.
b. paper cups.
c. the wages paid to her hourly workers.
d. All of the above are correct.
d
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Which of the following is TRUE?
A) Economic efficiency occurs if the maximum feasible amount of output is achieved from a given quantity of inputs. B) Economic efficiency depends only on what is feasible. C) If production is technologically efficient then it must be economically efficient. D) None of the above statements are correct.
If a nation restricts imports, it will:
A. harm each individual citizen in that nation. B. decrease the total value of goods and services produced in that nation. C. benefit each individual citizen in that nation. D. increase the total value of goods and services produced in that nation.
When taxes and transfer payments are taken into account, the distribution of income in the United States:
A. Is unchanged B. Is less equally distributed C. Is more equally distributed D. Becomes more beneficial for the wealthy
Hutch Technology makes computer monitors, which sell for $500 each. What is the opportunity cost of producing ten monitors?
a. $5,000 b. the other goods that could be produced with the resources that produce the ten monitors c. the profits that Hutch earns when it sells the ten monitors d. the profits that Hutch loses if it does not produce the monitors e. All of the above are correct.