Using Figure 1.3 and PP1, at point A,
A. The available technology keeps production inside PP1.
B. An increase in the production of mops would definitely require a decrease in the production of brooms.
C. There is inefficient use of available resources.
D. All available resources are being used efficiently.
Answer: C
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In December 2014, the average price of gasoline in the United States was $2.50 per gallon and consumers bought 7 percent more gasoline than they had during April 2014, when the average price was $3.60 per gallon
Based on these numbers, what was the price elasticity of demand for gasoline from April 2014 to December 2014? A) -0.02 B) -0.19 C) -1.01 D) -2.26
Which of the following is true about the long run operations of perfectly competitive firms? a. They produce with productive efficiency. b. They produce with allocative efficiency. c. They earn zero economic profits
d. all of the above
A country's aggregate production function refers to the value of what is produced per worker or per hour worked
a. True b. False Indicate whether the statement is true or false
What must be given up to obtain an item is called
a. out-of-pocket cost. b. comparative worth. c. opportunity cost. d. absolute value.