Is cutting down a tree in two hours with an ax more efficient than cutting it down in ten minutes with a gasoline-powered chain saw?
A) No, because time is valuable.
B) Yes, because hand tools conserve nonrenewable energy resources.
C) It could be, if the person cutting down the tree places a high enough value on the exercise.
D) There is no way to answer the question.
C
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In the above figure, at what price does a perfectly competitive firm make zero economic profit?
A) $4 per unit B) $8 per unit C) $12 per unit D) $16 per unit
The techniques of regulation used in the U.S. are
(a) meant to solve basic problems, but they create others. (b) meant to re-enforce the "decisions of the marketplace." (c) meant to manage problems rather than solve them. (d) designed to make the economy more efficient than is possible with only the free market mechanism.
Supply-side economics focuses on tax cuts to stimulate
A) aggregate demand by reducing saving. B) aggregate supply by increasing production. C) government spending. D) household consumption.
Firms self-insure to
a. save money on premiums. b. avoid state level insurance regulation. c. create uniform benefit packages for employees who live in different states. d. all of the above.