After 1616, Virginia shifted more and more scarce resources out of food production and into tobacco production. Hence, the economic cost of tobacco production included the sacrifice of food production
Indicate whether the statement is true or false
True
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The table above shows techniques that can be used to produce 100 shirts. If the price of an hour of labor is $10 and the price of a unit of capital is $12, then the economically efficient technique is
A) W. B) X. C) Y. D) Z.
In deciding between using a public bureau or a private firm to collect garbage, elected officials may prefer a public bureau because
a. public bureaus have been shown to be more efficient than private firms in garbage collection b. they can convey political favors by giving people jobs in the public bureau c. public bureaus will be more responsive to consumers d. citizens would have to pay if private firms collected garbage e. taxes will be lower if the public bureau is in charge of garbage collection
The relationships between elasticity and total revenue hold because:
a. total revenue equals price divided by quantity demanded b. total revenue equals price times quantity demanded c. a drop in price has two opposing effects on the two components of the formula d. both b and c
The aggregate demand curve shows the relationship between the volume of purchases and:
a) The price level. b) Which goods and services people will buy. c) The amount producers supply. d) Real GDP.