Goods and services are produced by using four factors of production:
A) land, labor, capital, and entrepreneurshi
A
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Figure 11-2
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Using the information in Figure 11-2, which point or points represents an inefficient allocation of resources?
A. A B. B C. A and D D. D
We don’t need to draw separate curves for demand, average revenue, and marginal revenue curves for a perfectly competitive firm. Why?
What will be an ideal response?
The federal funds rate isThe federal funds rate is
A. The required reserve ratio that the federal reserve requires banks to maintain B. The interest rate that banks charge for loans to its important commercial borrowers C. The interest rate that banks charge each other for overnight loans
The opportunity cost of an action is the:
A. cost of all alternative actions that could have been taken. B. monetary payment the action required. C. value of the most highly valued alternative action given up. D. None of the statements associated with this question are correct.