In a classic administrative snafu, the Army assigns trained classical musicians to kitchen duty and places trained cooks in the military band. This is an example of inefficiency in
a. output selection.
b. production planning.
c. product distribution.
d. market segmentation.
a
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Suppose the country of Popcorn produces only jets and corn. If Popcorn cannot produce any more jets without giving up corn, we say that Popcorn has achieved
A) the highest marginal benefit. B) production efficiency. C) the lowest marginal cost. D) the highest opportunity cost.
The most commonly used measures of elasticity are
A. income elasticity of demand and price elasticity of supply. B. price elasticity of demand and price elasticity of supply. C. cross-price elasticity of demand and cross-price elasticity of supply. D. price elasticity of demand and cross-price elasticity of supply.
If the demand for mushrooms increases while the supply remains unchanged, this will result in
A. a shortage of mushrooms as the market price remains unchanged. B. an increase in the quantity of mushrooms sold and an increase in their price. C. an increase in the quantity of mushrooms sold but no change in price. D. a decrease in the quantity of mushrooms sold and an increase in their price.
The biggest problem caused by a deflation is that:
A. prices fall. B. wages fall. C. people cannot repay their debts. D. interest rates rise.