Efficiency can correctly be defined as
A) producing outside the production possibilities boundary.
B) minimizing opportunity cost.
C) producing the maximum output with given technology and resources.
D) providing for the immediate needs of the greatest proportion of the population.
C
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A good is nonexcludable if no externalities, either negative or positive, are associated with its production or consumption.
Answer the following statement true (T) or false (F)
Although accounts in commercial banks are covered by government insurance, accounts in other financial institutions are not
If the government decides to bail out these other types of financial institutions during times of a financial crisis, it risks increasing the level of ________ in the financial system. A) moral hazard B) liquidity C) asset deflation D) insolvency
When a government increases an effective price ceiling for a product
A) the shortage in the market will be reduced. B) the shortage in the market will be increased. C) the surplus in the market will be reduced. D) the surplus in the market will increase.
Demand for inputs is a derived demand because:
a. it is derived from the need for income b. it corresponds to the derived supply of the inputs. c. the demand for output leads producers to demand inputs used to produce finished goods. d. of the diminishing marginal product of inputs.