Which of the following describes a situation in which a good or service is produced at the lowest possible cost?
A) productive efficiency
B) allocative efficiency
C) marginal efficiency
D) profit maximization
Answer: A
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In the absence of property rights, factories will dump waste into a waterway up to the point where ________ equals ________
A) marginal social cost; marginal social benefit B) marginal social cost; marginal private cost C) marginal private cost; marginal private benefit D) marginal private cost; marginal social cost
Which of the following statements is true about investments in general and specific human capital?
a. Firms invest in development of general human capital of their employees. b. Employees invest in gaining specific human capital. c. Investment in general human capital of its employees by a firm may turn into a sunk cost if the employee leaves the organization to join another after completing the relevant training. d. When a firm invests in specific human capital of its employees, the employees become more attractive to other firms whose workplaces are operated and staffed differently.
Appreciations or depreciations in currency change international relative prices.
Answer the following statement true (T) or false (F)
Money is:
A. a proven cognitive bias. B. not fungible, meaning it can be easily exchanged or substituted. C. an alternative to implicit costs. D. fungible, meaning it is easily exchangeable or substitutable.