Refer to Figure 26.1. The output that maximizes production efficiency for this firm is
A. Q1.
B. Q2.
C. Q3.
D. Q4.
Answer: C
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If the economy has a natural unemployment rate of 4 percent and potential GDP of $5 trillion, what will be real GDP according to Okun's Law if the unemployment rate rises to 5 percent?
What will be an ideal response?
Barter is an inefficient means of exchange because
A) barter transactions require a double coincidence of wants. B) barter only occurs in relatively primitive economies. C) demand will not necessarily equal supply. D) in a barter transaction only one party needs to want what the other party has to sell.
The Condorcet paradox shows that there is no scheme for aggregating individual preferences into a valid set of social preferences
a. True b. False Indicate whether the statement is true or false
The property of society getting the most it can from its scarce resources is called
a. efficiency. b. equality. c. externality. d. productivity.