Which of the following statements best describes economic efficiency?
a. Economic efficiency occurs when all choices on the production possibilities frontier show productive efficiency because an increase the quantity of one good will also increase the quantity of another.
b. Economic efficiency occurs when no choices on the production possibilities frontier show productive efficiency because an increase the quantity of one good will also increase the quantity of another.
c. Economic efficiency occurs when all choices on the production possibilities frontier show productive efficiency because an increase the quantity of one good will decrease the quantity of another.
d. Economic efficiency occurs when no choices on the production possibilities frontier show productive efficiency because an increase the quantity of one good will decrease the quantity of another.
c. Economic efficiency occurs when all choices on the production possibilities frontier show productive efficiency because an increase the quantity of one good will decrease the quantity of another.
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Which branch of study helps in economic decision making when an individual's behavior determines the payoffs to others?
A) Microeconomics B) Macroeconomics C) Game theory D) Public economics
The smaller the typical depositor at a financial institution, the __________ likely that some of the institution's deposits are federally insured and thus the __________ heavily that institution tends to be regulated
A) less; less B) less; more C) more; less D) more; more
Debt instruments are also called
A) equities. B) credit market instruments. C) prospectuses. D) units of account.
Refer to the table below. With the addition of the second unit of input, the marginal product is:
The question is based on the following table that provides information on the production of a product that requires one variable input.
A. 15 and the average product is 20
B. 25 and the average product is 10
C. 15 and the average product is 10
D. 10 and the average product is 15