A ____ is a graph whose axes show the quantities of two inputs that are used to produce some output
a. production indifference map
b. two-variable diagram
c. scalar diagram
d. time-series graph
a
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Economic profit sends a signal to entrepreneurs by telling them where
A) price exceeds marginal cost. B) there are many buyers and many sellers. C) the shutdown point is. D) an above normal return on investment can be earned.
If the United States' production possibility frontier was flatter to the widget axis, whereas Germany's was flatter to the butter axis, we know that
A) the United States has no comparative advantage B) Germany has a comparative advantage in butter. C) the U.S. has a comparative advantage in butter. D) Germany has comparative advantages in both products. E) the U.S. has a comparative disadvantage in widgets.
One of the most important determinants of a good's price elasticity of demand is
A) the profits of suppliers. B) the numbers of buyers in the market. C) the ease with which consumers can substitute other goods for that product. D) the cost of producing the good.
When people change their minds about what they want simply because of the timing of the decision, economists refer to it as:
A. time inconsistency. B. information overload paradox. C. cost-price inconsistency. D. time barriers to optimization.