Where do constraints come from?
What will be an ideal response?
-Needs= limited
-Desires= unlimited
-Resources= limited
You might also like to view...
In production and cost analysis, the short run is the period of time in which one (or more) of the resources employed in the production process is fixed or incapable of being varied
a. true b. false
_____ can temporarily create dislocations as displaced workers try to find jobs elsewhere and, at the same time, make existing products more affordable
a. Technological change b. Changes in the rate of interest c. Population changes d. Changes in the price level e. An increase in public expenditure
Every time the Fed buys or sells on the open market, the __________ changes
A) budget deficit B) income tax rate C) money supply D) a and b E) a, b, and c
What do wages paid to factory workers, interest paid on a bank loan, forgone interest, and the purchase of component parts have in common?
A. None are either implicit or explicit costs. B. All are opportunity costs. C. All are implicit costs. D. All are explicit costs.