A production function is a(n)
A. technological relationship.
B. economic relationship.
C. accounting relationship.
D. cost relationship.
Answer: A
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If a firm buys its labor in a competitive market, then a short-run increase in the price of the firm's output will cause the firm to
A) offer a higher wage. B) hire fewer workers. C) hire more workers. D) offer a lower wage.
Which of the following groups has the lowest poverty rate?
a. blacks b. Asians c. children (under age 18) d. female households, no spouse present
Utilitarianism is
a. a liberal religion that focuses on individual rights. b. a political philosophy that believes the government should choose policies deemed to be just by an impartial observer. c. a political philosophy that believes the government should not redistribute income. d. a political philosophy that believes the government should choose policies to maximize the total utility of society.
The loss minimization point for a firm is
A. when at the minimum point on the average total cost curve. B. when at the minimum point on the average variable cost curve. C. where marginal cost equals marginal revenue. D. when total revenue is maximized.