Refer to the above production possibilities curves. Curve (a) is the current curve for the economy. Given production possibilities curve (a), point N suggests that the economy is:
A. using its available resources inefficiently.
B. attaining full employment but not full production.
C. attaining both full employment and full production.
D. attaining full production but not full employment.
Answer: C
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If you are at an all-you-can-eat buffet dinner and you are considering whether to eat another dessert, you, as a rational consumer should decide to eat the desert
A. no matter what because you want to get more for your money. B. if it brings you more pleasure than the price you paid for the meal. C. if it brings you any pleasure at all. D. if it brings you as much pleasure as the desert costs if it is ordered a la carte.
A short-run production function was estimated asQ = ?0.002L3 + 0.16L2At 20 units of labor, what is marginal product?
A. 1.9 B. 6.3 C. 6.0 D. 2.4 E. 4.0
Implicit costs are ________ and explicit costs are ________
A) nonmonetary costs; also nonmonetary costs B) nonmonetary costs; costs that involve spending money C) costs that involve spending money; nonmonetary costs D) costs that involve spending money; also costs that involve spending money
Refer to the information. Average total cost is:
Answer the question on the basis of the following information:
