Points inside (below) the production possibilities frontier (PPF) are
A) unattainable.
B) attainable, but productive inefficient.
C) preferable to points that lie on the PPF.
D) attainable and productive efficient.
B
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Holding all other influences constant, the quantity of labor supplied in a given time period depends
A) directly on the real wage rate so that a higher real wage increases the quantity of labor supplied. B) inversely on the real wage rate so that a higher real wage decreases the quantity of labor supplied. C) on the money wage rate not the real wage rate. D) directly on the quantity of labor demanded. E) inversely on the quantity of labor demanded.
_____ increases with the variability of outcomes and the underlying degree of randomness in the environment that can affect a business relationship
a. The problem of double marginalization b. Asset specificity c. Uncertainty d. Volumetric interdependence
The Marginal Propensity to Consume (MPC) is defined as the change in
a. C over the change in DI. b. income over the change in disposable income. c. DI over the change in C. d. total income over the change in net income.
The act of discovering a new production process would be called
a. invention. b. innovation. c. investment. d. development.