A firm's cost of production is affected by changes in
A. the available technology.
B. input prices.
C. profits.
D. both a and b
E. both b and c
Answer: D
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A point lying beyond the utilities possibilities frontier is
A) unattainable. B) efficient. C) inefficient. D) profitable.
When an input represents a larger proportion of a firm's total costs, then
A) demand for the input will tends to be less elastic. B) the input demand will not vary significantly with a change in input price. C) the usage of the input cannot be varied in the production function. D) demand for the input will tends to be more elastic.
Which of the following pairs of countries experienced approximately the same rate of growth of real income per person over about the last 120 years?
a. Germany and Japan b. Indonesia and Bangladesh c. the United States and Argentina d. Mexico and Pakistan
The amount by which actual output falls short of potential output is called _____
Fill in the blank(s) with the appropriate word(s).