Refer to the information provided in Figure 3.11 below to answer the following question(s).
Figure 3.11Refer to Figure 3.11. A movement from Point C to Point B on supply curve S2 would be caused by a(n)
A. decrease in the price of mushrooms.
B. decrease in the price of hamburgers, assuming hamburgers are a substitute for pizza.
C. increase in the demand for gardenburgers.
D. decrease in the price of gardenburgers.
Answer: C
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If we moved from point T to point R we would be
A. giving up trips for more transplants.
B. giving up transplants for more trips.
C. gaining both trips and transplants.
D. losing both trips and transplants.
The optimal level of resource use comes when
A. MRP exceeds input price. B. MRP is less than input price. C. MRP equals input price. D. use of the resource exhausts the producer’s funds.
The concept that suggests that given the available inputs and technology, it is impossible to produce more of one good without decreasing the quantity that is produced of another good is:
a. the law of supply. b. balanced production. c. productive efficiency. d. effective demand.
The U.S. rate of productivity growth in the 1970s and 1980s was _____ the rate of productivity growth in the 1960s.
A. twice B. one and a half times C. equal to D. one third