Factors of production that can be used together to enhance the other's productivity are
A. proportionate inputs.
B. complementary inputs.
C. duplicate inputs.
D. substitutable inputs.
B. complementary inputs.
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Refer to Figure 5-4. What is the deadweight loss from producing at the market equilibrium?
A) area D B) area E C) area C D) area F
Refer to Table 6-8. What is the most distinctive feature of the supply curve?
A) The supply curve is horizontal. B) The supply curve is upward sloping. C) The supply curve is perfectly elastic. D) The supply curve is perfectly inelastic.
What is a term referring to the fact that a business that focuses on one or a few products is more successful than firms that try to make a wide range of products?
a. scarcity b. division of labor c. core competency d. specialization
What is gross domestic product? What is included in this statistic? What is excluded? Give two examples of goods or services that are included in GDP and two examples of goods or services that are excluded.
What will be an ideal response?