The accountant for Muzhi's Sushi claims that Muzhi has accomplished "economic efficiency." This means that Muzhi's Sushi
A) produces a given output using the least inputs.
B) produces a given output at the lowest cost.
C) has an economic profit greater than a normal profit.
D) has a normal profit greater than an economic profit.
B
You might also like to view...
Describe the circular flow of the economy by discussing the two markets where households and firms meet
What will be an ideal response?
Actual real GDP this year is expected to exceed last year's by two percent, while the annual growth rate of natural real GDP is three percent. This is enough to lead us to expect that this year's unemployment rate will be
A) below last year's and below the natural rate of unemployment. B) below last year's but still above the natural rate of unemployment. C) below last year's. D) above last year's. E) above last year's and above the natural rate of unemployment.
Consider the production possibilities frontier displayed in the figure shown. If this society chooses to produce 200 bushels of apples it can produce no more than:
A. 20 watermelons.
B. 15 watermelons.
C. 10 watermelons.
D. 5 watermelons.
A country will roughly double its GDP in five years if its annual growth rate is: a. 5 percent
b. 7 percent. c. 12 percent. d. 14 percent.