What do we mean by efficient production?
What will be an ideal response?
Efficient production implies that no inputs are wasted. If a given level of output is efficiently produced it is not possible to produce the same amount with less inputs.
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What is the name of the pension plan under which employees can make tax-deductible contributions through regular payroll deductions?
A) 401(k) plans B) Social Security plans C) Early retirement plans D) 486(b) plans
A ceiling on interest rates is likely to lead to
a. an increase in lending activity. b. more rapid capital formation by business. c. increases in hiring of labor. d. a shortage of loanable funds.
Suppose the country of Maverick has specialized in the production of a good but has not yet entered into trade. At this point in time, Maverick has
A. Moved to a level of consumption outside its production possibilities curve. B. Moved along its existing production possibilities curve. C. Moved to a level of production outside its production possibilities curve. D. Shifted its production possibilities curve outward.
The above figure shows the market for rice in Japan. S2 represents the domestic supply curve, and S1 represents the world supply curve. Suppose a free market exists
If a $1 per unit tariff is imposed on imported rice, the quantity of imported rice will decrease by A) 10 units. B) 20 units. C) 30 units. D) 40 units.