Consider an economy that is producing inside its production possibilities curve. This economy could move closer towards its production possibilities curve by:
A. Distributing incomes more equally
B. Employing more of its available resources
C. Increasing the levels of wages and prices
D. Acquiring additional resources
Answer: B
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Use the following table to answer this question, which provides information on the production of a product that requires one variable input.InputTotal Product0015220332442550655758858956The average product generated with 5 units of the input is
A. 50. B. 8. C. 5. D. 10.
The feedback effect can be thought of as a type of
A) social regulation. B) economic regulation. C) creative response, which reduces the law's effectiveness. D) regulatory lag.
Bilateral monopoly exists when
A) a single buyer confronts a single seller. B) there are two monopolistic buyers trying to buy resources. C) two labor unions are trying to represent the same group of workers. D) a firm is both a monopoly in its output market and a monopsonist in its input market.
It is costly to purchase a new car every two or three years because
What will be an ideal response?