Per-unit production cost is:
A. real output divided by inputs.
B. total input cost divided by units of output.
C. units of output divided by total input cost.
D. a determinant of aggregate demand.
B. total input cost divided by units of output.
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Carlos is an executive of a major corporation. Boris is a baker. Carlos earns a salary ten times as large as the salary Boris earns, and Carlos has a much larger oven for baking break
Carlos can make a loaf of bread that tastes better than Boris's bread but Boris can bake faster. A) Carlos has an absolute and comparative advantage over Boris in making bread. B) Carlos has an absolute but not comparative advantage over Boris in making bread. C) Carlos had a comparative but not absolute advantage over Boris in making bread. D) Carlos does not have an absolute or comparative advantage over Boris in making bread.
Which of the following organizations or types of organizations is most likely to have a legal, formal cartel agreement?
A. The American Medical Association (AMA). B. The United Auto Workers (UAW). C. The American Association of Residential Roofers (AARR). D. None of the above are likely to have legal, formal cartel agreements.
Economists believe that people specialize because it ______.
a. lets them make the best use of their limited resources b. fosters self-esteem and leads to independence c. is less expensive than pursuing further education d. reflects human nature to prefer a narrow perspective
The poverty rate in 2008 was _________ the poverty rate in 1960.
A. much lower than B. a little lower than C. about the same as D. a little higher than