What type of technology can reduce the amount of externality generated for a given rat eof output by altering the production process?
a. marginal technology
b. variable technology
c. fixed production technology
d. cutting edge technology
b
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Which of the following statements about explicit costs is true?
A. They usually exceed implicit costs. B. They are the only costs that matter to business owners. C. They appear on the firm's balance sheet. D. They are difficult to measure.
If the United States imports purses, then the quantity of purses produced in the United States will ________ and the quantity of purses purchased by consumers in the United States will ________
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease E) not change; increase
A graphical representation of the choices between two allocations of resources is called
A) the production possibilities frontier. B) supply and demand. C) the free choice model. D) the moral hazard model.
Small differences in economic growth rates translate into significant differences in living standards
a. True b. False Indicate whether the statement is true or false