Physical resource
What will be an ideal response?
refers to machinery or tools like factories, hammers, backhoes, etc.
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The table above shows the short-run product schedule for Virginia's Tee-Shirts. What is the average product associated with hiring the fourth worker?
A) 40 shirts B) 55 shirts C) 50 shirts D) 220 shirts
If the government wants to reduce the burning of fossil fuels, it should impose a tax on
a. buyers of gasoline. b. sellers of gasoline. c. either buyers or sellers of gasoline. d. whichever side of the market is less elastic.
When a country is producing goods and services efficiently it:
A. is getting the most output by using all its available resources. B. is producing at a point on or below its production possibilities frontier. C. is able to reach a point beyond its production possibilities frontier. D. has unemployed workers.
Price-discriminating firms charge higher prices to those who
A. Have greater incomes. B. Have many substitutes available to them. C. Want the product less. D. Have lower price elasticities of demand.