The first successful application of continuous process manufacturing was in:
a. textile mills.
b. automobile manufacturing.
c. manufacturing of guns.
d. grain milling.
d. grain milling.
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Which of the following is not how economists describe the term "economic rent?:
A. The gains that workers and owners of capital receive from supplying their labor or machinery in factor markets. B. The producer surplus in output markets. C. The rental price of a factor of production minus the cost of supplying it. D. The total revenue that a factor of production earns its owner.
The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
If both Art and Silvia worked full-time producing beef, how many pounds of beef can they produce per year?
A. 2,000 pounds B. 4,000 pounds C. 8,000 pounds D. 6,000 pounds
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.
Consider the monopsony in the above figure. The monopsony will pay a hourly wage rate equal to
A) $10. B) $15. C) $20. D) None of the above answers is correct.