Maximizing the level of output for a given total cost of production
A) necessitates using only relatively low-priced inputs.
B) will maximize total revenue.
C) is equivalent to producing the profit maximizing output level.
D) is equivalent to minimizing cost for a given level of output.
D
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Each and every point along a production possibilities curve represents an efficient output option for an economy
a. True b. False Indicate whether the statement is true or false
Which of these is the basis of international trade?
A. Absolute advantage B. Comparative advantage C. Both comparative advantage and absolute advantage D. Neither comparative advantage nor absolute advantage
If there is a recessionary gap in the economy, discretionary fiscal policy would likely involve an action to
A) shift the aggregate demand curve to the right. B) shift the aggregate demand curve to the left. C) shift both the aggregate demand curve and aggregate supply curve to the right. D) shift both the aggregate demand curve and aggregate supply curve to the left.
Which of the following is considered a microeconomic topic?
A. The review of quarterly national income accounting data B. A firm’s decision to purchase pay-per-click online advertising C. The Federal Reserve decides to increase the discount rate D. The CPI reports a rise in inflation during July