In a production possibilities table, the most-valued or optimal point for society is determined by:
A. the maximization of opportunity costs.
B. a combination of products at the ends of the table.
C. a combination of products at the midpoint of the table.
D. the equality of marginal benefits and marginal costs.
Answer: D
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There are several types of barriers to entry that can create a monopoly. Which of the following barriers is the result of government action?
A) public franchise B) control of a key resource C) economies of scale D) network externalities
Suppose a manager is deciding whether or not to purchase a piece of equipment to make an input internally and has completed the majority of the net present value (NPV) calculations. The manager has correctly calculated the NPV to be equal to: NPV = ($1.052 × Q) - $250,000, where Q is the annual quantity of the input the firm needs. In order for the NPV to be positive, the firm needs at least
________ units of the input each year. A) 115,960 B) 259,600 C) 237,643 D) 220,890
What is the best description of the US economy from 1929-1940?
a. GNP decreased continually during the greatest Depression our nation has known. b. The economy suffered a large drop from 1929-1933, but then grew steadily through WW II. c. The economy suffered an initial drop, a four-year expansion and then another drop towards the end of the decade. d. The unemployment rate increased steadily throughout the period.
The long-run supply curve for a competitive industry always has a positive slope
a. True b. False Indicate whether the statement is true or false