Productive efficiency means producing without:
a. cost.
b. wages.
c. waste.
d. competition.
c. waste.
Productive efficiency means producing without waste.
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The law of diminishing marginal returns shows the relationship between
A. accounting and economic profits." B. inputs and outputs for a firm in the long run. C. inputs and outputs for a firm in the short run. D. short run inputs and long run outputs for a firm
The current world population is more than ________
A) 6 million B) 6 billion C) 6 trillion D) 6 gazillion
An appropriate Keynesian response to a recessionary gap is to: a. decrease net taxes
b. decrease government spending. c. increase interest rates. d. increase the cash reserve ratio.
Workers in a labor union typically are paid less than workers not in a labor union
a. True b. False Indicate whether the statement is true or false