In the above figure, a technologically inefficient point is
A) a.
B) e.
C) g.
D) f.
D
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______ efficiency means production will be allotted to reflect consumer preferences.
a. Allocative b. Productive c. Modified d. Marginal
For a factor of production to be called capital it must:
A) be produced. B) occur in the natural environment. C) be a part of human skill. D) be a result of a stock issue.
If the equilibrium price of a good increases and the equilibrium quantity of the good decreases, we can conclude that:
A. demand increased. B. demand decreased. C. supply increased. D. supply decreased.
Social regulation:
A. Was developed as a substitute for industrial regulation B. Has declined in importance in recent years C. Applies more broadly and affects more people than industrial regulation D. Is more concerned with the overall standard of living of society rather than with details of production processes