Answer the question using the following data, which show all available techniques for producing 20 units of a particular commodity If a new production technique is developed that enables a firm to produce 20 units of output with 3 units of land, 3 of labor, 1 of capital, and 2 of entrepreneurial ability, this technique would
What will be an ideal response?
be adopted because it would lower production costs and increase economic profit.
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The above figure shows a housing market with a rent ceiling equal to $1,000. In this figure, what area is equal to the deadweight loss?
A) area A B) area B C) area C D) area D E) area E
The first country to adopt inflation targeting was
A) the United Kingdom. B) Canada. C) New Zealand. D) Australia.
If U.S. consumers become more optimistic about their future income and wealth, the consumption function will shift upward
a. True b. False Indicate whether the statement is true or false
If the price index had moved from 110 in 2006 to 115 in 2007, the rate of inflation in 2007 was _____
a. 15 percent b. 11 percent c. 5.5 percent d. 4.55 percent