Managerial economics is best defined as the economic study of
A) how businesses can make the most profits.
B) how businesses can decide on the best use of scarce resources.
C) how businesses can operate at the lowest costs.
D) how businesses can sell the most products.
B
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Refer to the table below. According to the table, Martha has the absolute advantage in: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. both pies and cakes. B. cakes. C. pies. D. neither pies nor cakes.
The unemployment that is caused by changes in the economy, such as shifts in manufacturing techniques, increased use of computers and electronic machines, and increases in the production of services instead of goods, is called
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) natural unemployment.
The one-time tax cuts used by the Bush administration to stimulate the economy in 2008 proved to be very successful
a. True b. False Indicate whether the statement is true or false
Nominal GDP increases when either or both prices and output increase
Indicate whether the statement is true or false