The decision firms make about new capital projects is most like the decision consumers make when they decide
A) whether to take a new job.
B) which of two new jobs to take.
C) what brand of coffee to buy.
D) whether to buy a new house.
E) whether to go on vacation.
D
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What is Wendy’s opportunity cost of producing a pound of food?
a. 1/2 yard of cloth
b. 1 yard of cloth
c. 1-1/2 yards of cloth
d. 2 yards of cloth
One of the primary functions of markets could be labeled
A. stimulation. B. coordination. C. planification. D. decentralization.
Why do negative externalities like pollution result in inefficiency?
A. Because producers artificially restrict their supply. B. Because producers ignore the external costs they impose on third-parties. C. Because producers manufacture more goods than people can afford to buy. D. Because producers will receive an unequal distribution of profits.
What is the domestic price of sugar in a closed economy?
A. $2,000/ton B. $500/ton C. $3,000/ton D. $1,000/ton