Refer to the accompanying figure. If this restaurant goes from producing 20 to 25 pizzas per hour, then which of the following statements is true?
A. It has to give up exactly 25 salads.
B. It has to give up fewer than 12.5 salads.
C. It has to give up exactly 12.5 salads.
D. It has to give up more than 12.5 salads.
Answer: B
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Signaling is
a. actions by the informed party to reveal her true risks b. actions by the informed party to conceal her true risks c. actions by the uninformed party to uncover the true risks d. actions by the uninformed party to conceal the true risks
Ashley recently began running her husband's lumber mill. Last month she took in $5,000 in sales revenue and paid $3,400 in out-of-pocket costs. Did the lumberyard make an economic profit last month?
a. Definitely not b. Yes. After considering non-zero explicit and implicit costs, it is clear that her profit is exactly equal to $1,600. c. Without knowing the magnitude of implicit costs, it is not possible to state whether the lumberyard earned an economic profit last month. d. Yes, after factoring implicit costs, it is clear that her profit will exceed $1,600.
The United States typically has a merchandise ______ and a service ______.
A. deficit; deficit B. surplus; surplus C. deficit; surplus D. surplus; deficit
A society without any money:
A. would have to rely on barter. B. could never exchange goods and/or services. C. would find people doing everything for themselves. D. would be more efficient since people would be more self-sufficient.