Economic efficiency entails
A) producing a given amount of output with the most expensive mix of inputs.
B) producing a given amount of output with the least number of inputs.
C) producing a given amount of output with the most inputs.
D) producing a given amount of output with the cheapest mix of inputs.
D
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Refer to Figure 13.1. Assume the voting method used to select a location for the recreation center is the Borda-count method, where if a town gets ranked #1, it gets 3 points, a town ranked #2 gets 2 points,
a town ranked #3 gets 1 point, and a town ranked #4 gets no points. With this method, the town that gets the least number of points is A) Desert Sands. B) Glacier Cove. C) Mountain View. D) Oceanside.
In the long run, an increase in aggregate demand: a. increases the price level and real output, but the effect on the price level is larger. b. increases the price level and real output, but the effect on output is larger
c. affects only real output. d. affects only the price level. e. affects neither the price level nor real output.
If Sean sells Susan a DVD player for $30,
A) both Sean and Susan will gain from this transaction. B) the well-being of both parties will be unchanged. C) Sean will gain from the transaction, but Susan will lose. D) Susan will gain from the transaction, but Sean will lose.
About _____ out of every ten dollars in our money supply consists of currency.
Fill in the blank(s) with the appropriate word(s).