Technological efficiency necessarily means producing
A) at minimum cost.
B) with the highest level technology available.
C) without using more inputs than necessary.
D) technology itself.
C
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If the price of automobiles was to increase, then
A) the quantity of gasoline demanded would decrease. B) the demand for gasoline would increase. C) the demand for gasoline would decrease. D) the supply of gasoline would increase.
The economy of the northern colonies, in particular New England, was largely based on
(a) small-scale farming. (b) slave trade. (c) cotton production. (d) all of the above.
Deflation is a:
A. sustained fall in the aggregate price level. B. sustained increase in the aggregate price level. C. steady, unchanging aggregate price level. D. steady fall in the exchange rate.
When the price of a good changes, the income effect can be found by comparing the equilibrium quantities purchased
A) on the old budget line and the new budget line. B) on the original indifference curve when faced with the original prices and when faced with the new prices. C) on the new budget line and a hypothetical budget line that is a shift back to the original indifference curve parallel to the new budget line. D) on the new indifference curve.