Production is the process by which
A. resources are allocated and distributed.
B. products are used by consumers.
C. resources are transformed into useful forms.
D. products are converted into capital.
Answer: C
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The marginal social cost (MSC) function is the sum of the following:
a. market-level marginal abatement cost (MACmkt) + marginal cost of enforcement (MCE) b. marginal abatement cost (MAC) + marginal external cost (MEC) c. marginal abatement cost (MAC) + total social cost (TSC) d. market-level marginal abatement cost (MACmkt) + marginal external cost (MEC)
The size of a deadweight loss in a market is reduced by
A) market price being close to marginal cost. B) government legislating a ceiling price. C) government legislating a price floor. D) creative destruction.
If the nominal interest rate is 5 percent and the inflation rate is 2 percent, then the real interest rate is 7 percent
a. True b. False Indicate whether the statement is true or false
If the price of Italian shoes imported into the United States increases, then
a. both the GDP deflator and the consumer price index will increase. b. neither the GDP deflator nor the consumer price index will increase. c. the GDP deflator will increase, but the consumer price index will not increase. d. the consumer price index will increase, but the GDP deflator will not increase.