An economist defines efficiency as:

a. the maximization of output from available resources.
b. the maximization of revenue from available resources.
c. the maximization of inputs using available resources.
d. the creation of a surplus using available resources.


a

Economics

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If two goods are substitutes, then their cross-price elasticity of demand is

A. positive. B. negative. C. zero. D. between zero and minus one.

Economics

Quotas increase the profits of importers but decrease the profits of exporters

a. True b. False Indicate whether the statement is true or false

Economics

What is the largest expenditure component of GDP?

A. Gross private domestic investment B. Personal consumption spending C. Net exports D. Government purchases

Economics

If the market price for a good produced by a price taking firm is $5, the firm's total revenue is

A. downward sloping. B. a flat line at P=$5. C. an upward sloping line beginning at the origin and having a slope of 5. D. parabolic.

Economics