Natalie can produce 6 shirts in a day, or cook three meals. Her opportunity cost of producing a shirt is 2 meals
Indicate whether the statement is true or false
F
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What would be an example of government good?
A) Jake buys an iPhone. B) The local driver's license office purchases a new digital camera and printer. C) Antonio, the manager of the local Taco Hut, purchases a new deep fryer. D) Donald Trump purchases furniture for his office. E) Rhianna gets a haircut.
Economic efficiency occurs when the firm produces a given output
A) by using the least amount of inputs. B) by using the maximum amount of inputs. C) at the least cost. D) at the greatest cost.
In a market system, which component conveys information about what is relatively scarce and what is relatively abundant?
A. the number of consumers B. market price C. the number of producers D. the amount of resources used in producing the goods and services
The conclusion that the economy has price flexibility, wage flexibility, and perfectly competitive markets justifies
A. passive policymaking. B. active policymaking. C. rational policymaking. D. none of these.