When an employee at a grocery store scans the price of your items, bags the groceries, and collects your paper, the individual has provided
A) physical capital.
B) entrepreneurship.
C) a service.
D) land.
C
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The beginning of antitrust law is found in the
A) 1914 Clayton Act. B) 1890 Sherman Act. C) 1947 Taft-Hartley Act. D) 1950 Cellar-Kefauver Act.
What does the production possibilities frontier imply about the resource allocation?
A. Only some points on the curve are efficient. B. All points on the curve are equally efficient. C. A point that lies below the curve is more efficient. D. A point that lies above the curve is readily achievable.
The condition required for a consumer to be maximizing utility, for any pair of products, X and Y, is
A) MUX = MUY. B) MUX/PY = MUY/PX. C) PX = PY. D) PX(MUX) = PY(MUY). E) MUX/PX = MUY/PY.
Use the information provided in Table 7.2 below to answer the question(s) that follow.
Table 7.2Inputs Required to Produce a Product Using Alternative Technologies
Refer to Table 7.2. If the hourly price of capital is $10 and the hourly price of labor is $20, which production technology should be selected?
A. A B. B C. C D. D