A firm has achieved technological efficiency whenever it has
A) fully depreciated all its assets.
B) produced the given output using the fewest inputs.
C) produced the given output at the lowest cost.
D) all of the above.
B
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Referring to Figure 19.1, the dollar is likely to depreciate if the exchange rate is either ________ or ________ pesos to the dollar
A) 10; 11 B) 11; 12 C) 12; 13 D) 13; 14
Technological change brings a ________ to firms that adopt the new technology
A) permanent economic profit B) temporary economic profit C) permanent economic loss D) temporary economic loss E) temporary normal profit
The federal income tax _______________ compared to a state sales tax.
A. has a higher administrative burden B. has a lower administrative burden C. is less complex D. is administered basically the same as
A tax whose burden, expressed as a percentage of income, falls as income increases is a
A. progressive tax. B. benefits-received tax. C. regressive tax. D. proportional tax.