To determine total cost, the business owner must know
A. input quantity and output price.
B. output quantity and output price.
C. output quantity and input price.
D. input quantity and input price.
Answer: D
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The production function shows
A) the incremental output gained by improving the production process. B) the maximum output that can be produced from each possible quantity of inputs. C) the technology used to produce output. D) the total cost of producing a given quantity of output.
If a rapid disinflation has a lower sacrifice ratio than a slow disinflation, then reducing inflation is best accomplished by
A) gradualism. B) increasing money growth. C) reducing interest rates. D) a cold-turkey approach.
Transactions costs are
A) zero in financial markets. B) zero in financial intermediaries. C) the costs of direct financial transactions. D) equal to the taxes imposed on financial transactions.
Refer to the table shown. If the average product is 8, the number of workers is:Number of workersMarginal product of workers1527384105116775839010?1
A. 2. B. 8. C. 6. D. 4.