Myeconlab New Design With Pearson Etext For Principles Of Microeconomics For Texas Tech University -- Standalone Access Card, 1/e
1st Edition
ISBN: 9781323487792
Author: Pearson Custom
Publisher: Pearson Education
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Chapter 2, Problem 1.2P
To determine
Is the efficiency statement right or wrong.
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“As long as all resources are fully employed and every firm in the economy is producing its output using the best available technology, the results will be efficient.” Do you agree or disagree with this statement ? give reason
Which of the points are feasible and which are efficient?
The boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology is called ________.
Chapter 2 Solutions
Myeconlab New Design With Pearson Etext For Principles Of Microeconomics For Texas Tech University -- Standalone Access Card, 1/e
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- Resource consumption per person in the United States is either flat or falling, depending on the resource. Yet living standards are rising because of technological improvements that allow more output to be produced for every unit of input used in production. What does this say about the likelihood of our running out of resources? Could we possibly maintain or improve our living standards even if the population were expected to rise in the future rather than fall?arrow_forwardResource consumption per person in the United States is either flat or falling, depending on the resource. Yet living standards are rising due to improvements in technology that allow more output to be produced for every unit of input used in production. What does this say about the likelihood of our running out of resources? Could we possibly maintain or improve our living standards even if the population were expected to rise in the future rather than fall?arrow_forwardRelate why economic profits occur and how profits, along with losses, allocate resources among alternative uses.arrow_forward
- Which of the following statements about capital are correct? a) In economic jargon capital is the net worth of a business enterprise. b) Capital is defined as anything that is produced that then produces other things c) An increase in capital will grow the economy because capital is a resource in the production process and an increase in resources increases the production possibilities or potential production of the economy. d) Capital represents the tools that labor uses and thus an increase in capital tends to increase the productivity of labor (and possibly other resources) and that magnifies economic growth. e) Most technological advances involve improvements to the tools of production, which is capital, so embodiment of new technology in capital is yet another way capital fosters economic growth. f) increasing capital in the economy has to lead to greater income inequality, since most capital is owned by the rich.…arrow_forwardHow will you explain production as a source of economic well-being?arrow_forwardEvery society faces trade-offs because we live in a world of scarcity. Suppose a student-athlete has the opportunity to earn $200,000 next year playing for a minor league baseball team, $300,000 next year playing for a European professional football team, or $0 returning to college for another year. The opportunity cost of the student-athlete returning to college next year is $ ? (Enter your response as an integer.)arrow_forward
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