A company needs to know the price of each resource it employs if it wants to determine whether or not it is achieving
A) technological efficiency.
B) economic efficiency.
C) accounting efficiency.
D) managerial efficiency.
B
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Which of the following would result in an increase in the demand for Toyota automobiles?
A. An increase in the price of Toyota automobiles B. A decrease in the price of Toyota automobiles C. A decrease in the price of Honda automobiles D. An increase in the price of Honda automobiles
Which of the following statements about frictional unemployment is true?
a. It can be eliminated only in a free society. b. It is a long-term unemployment. c. It does not exist in developed economies. d. It is also called structural unemployment. e. It arises when people choose to change jobs.
If consumer purchases of a good are highly sensitive to the price of the good, economists say the demand for the good is relatively
a. inelastic. b. elastic. c. robust. d. inverse.
The marginal cost of action choice X:
A. measures the additional cost of a small change in X. B. tends to decrease as X increases. C. measures the cost that a decision maker has already incurred by pursuing activity X. D. is minimized at the best level of activity X.