Probably the most important source of efficiency in production is
A. investing in more capital goods.
B. consuming rationally.
C. expanding the production possibilities frontier.
D. increasing inputs of energy and raw materials.
E. the specialization of labor.
Answer: E
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The supply of product X is perfectly inelastic if the price of X increases by ________ and, as a result of the price change, the quantity supplied ________
A. 7%; increases by 5%. B. 10%; stays the same. C. 8%; increases by 8%. D. 5%; increases by 7%.
"By definition, all parts of M2 are money." Is the previous statement correct or not? Explain your answer
What will be an ideal response?
Which of the following is true? a. Economists assume that there are no private property rights in a free market
b. A free market is also known as a fettered market. c. A voluntary transaction means that all parties to the transaction must expect to benefit. d. People always receive goods and services at a discounted price in a free market. e. An economic growth is represented by an inward shift of the production possibility curve.
Income transfers that entail direct payments to recipients, such as unemployment benefits, are known as
A. Cash transfers. B. Money transfers. C. Dollar transfers. D. In-kind transfers.