Which furniture production process would have the highest furniture prices?
A. Furniture made by handsaw and hammer
B. Furniture made with power equipment
C. Furniture with a mix of handmade and automated labor
D. Furniture made in an automated furniture factory
Answer: A
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Discuss the relationship between the business cycle and changes in autonomous expenditures
What will be an ideal response?
Growth in human capital and physical capital often explains only half or less than half of the economic growth that occurs.
Select whether the statement is true or false. A. True B. False
Which statement is true?
A. Because they are the only seller in the industry, the monopolist does not have to lower their price to sell more output. B. Most firms in the United States are monopolies. C. Unlike the perfect competitor, the monopolist does not necessarily produce at that output where MC = MR. D. None of these statements are true.
It is true of externalities that they
A. are always detrimental. B. are always beneficial. C. arise when all costs, social and private, are included in production cost. D. cause the price system to misallocate resources.