If a firm chooses to produce 100 units of output for $150 with 10 units of labor and 12 units of capital, when they could produce the same 100 units for $120 with 10 units of labor and 8 units of capital, the firm is technologically ________ and
economically ________. A) efficient; inefficient
B) inefficient; efficient
C) efficient; efficient.
D) inefficient; inefficient
D
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Fiat money has
A) little to no intrinsic value but is backed by the quantity of gold held by the central bank. B) little to no intrinsic value and is authorized by the central bank or governmental body. C) value, because it can be redeemed for gold by the central bank. D) a great intrinsic value that is independent of its use as money.
A student is studying for an exam 2 hours a day and is debating whether to study an extra hour. The student's marginal benefit
A) depends on the grade the student earns on the exam. B) is the benefit the student receives from studying all 3 hours. C) is the benefit the student receives from studying the extra hour. D) is greater than the student's marginal cost.
Are "smart cards" or E-cash cards part of the money supply?
a. Yes, because they can be given away to make a payment. b. Yes, because they will soon completely replace cash. c. No, because they are not issued by banks. d. No, because they are merely means to transfer checking deposits.
Consider the following:
The relative price of hamburgers this year has
A. increased. B. decreased. C. stayed the same. D. Not enough information has been given to calculate an answer.