A firm's _______ shows the amount of output a firm can produce from given amounts of inputs using efficient production methods.
A. production possibilities set
B. efficient production frontier
C. production function
D. production possibilities curve
C. production function
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Using the data in the above table, if the private sector runs a surplus of $250 billion, imports will equal $1,000 billion if
A) government expenditure equals -$750 billion. B) investment equals -$1000 billion. C) government expenditure equals -$1000 billion. D) the government sector runs a deficit of $750 billion.
Is an efficient market allocation fair? Explain.
What will be an ideal response?
A golf course in Fargo, North Dakota — where it is very cold in the winter — is closed between November 1 and April 1 . If the owner of the golf course is rational, what criterion does he or she use in deciding to close the course for this extended period of time?
How is the value of a good determined?
What will be an ideal response?