Economic efficiency means
A. that all firms within a single competitive industry are producing at the same level of output.
B. that high-tech methods of production are the most efficient.
C. that it is impossible to increase the output of any good without lowering the total value of the output of the economy.
D. the same as technical efficiency.
Answer: C
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Assume an analyst has been hired to estimate the price elasticity of demand for hamburger (which sells for about $2.30 per pound) and filet mignon (which sells for about $20 per pound), respectively
Considering the different determinants of the price elasticity of demand and assuming the consumers in both markets have approximately the same incomes, we would expect the coefficient of price elasticity of demand in absolute value to be: A) larger for hamburger than for filet mignon. B) larger for filet mignon than for hamburger. C) approximately the same for both hamburger and filet mignon. D) none of the above because different determinants would have opposing effects on the two estimates.
The poverty rate for the elderly has declined noticeably since the mid 1960s
Indicate whether the statement is true or false
If I own a share of stock in IBM, I own
a. only the right to vote in elections of corporate directors b. a claim to a share of IBM's assets and earnings as well as the right to demand annual dividend payments c. the right to demand annual dividend payments as well as the right to vote in elections of corporate directors d. only the right to demand annual dividend payments e. a claim to a share of IBM's assets and earnings as well as the right to vote in elections of corporate directors
Sole proprietorships:
a) Are each owned by many individual stockholders. b) Are the least common type of business firm. c) Are owned by one individual. d) Account for most business sales and assets.