Because of scarcity, every economic decision involves
a. a trade-off.
b. a free good.
c. a trade-in.
d. an increasing cost.
e. a money payment.
a
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Situation 35-2 ? Dan and Ann live in the same community and both can participate in two activities, producing and stealing. Refer to Situation 35-2. If Dan's MB/MC ratio for producing is currently greater than his MB/MC ratio for stealing, then he will
A. steal more and produce less. B. steal less and produce less. C. produce more and steal more. D. produce more and steal less.
Pure capitalism and a pure command system represent
a. two different ways of answering the basic economic questions b. two names describing the same method of answering the basic economic questions c. the only two ways of answering the basic economic questions d. the most efficient ways to answer the basic economic questions e. none of the above
Production indifference curves show the combination of inputs that produce a given output
a. True b. False Indicate whether the statement is true or false
Labor productivity is defined as
a. the amount of output a typical worker turns out in an hour of work. b. the amount of output the best worker turns out in a day of work. c. the amount of output improvement in a year of work. d. the amount of average output improvement for a team in a year of work.