Which of the following situations illustrate the concept of efficiency?
A. A firm that used to produce 100 pizzas using 2 sacks of flour can now produce 110 pizzas using 3 sacks of flour
B. A firm that used to produce 100 pizzas using 2 sacks of flour can now produce 110 pizzas using 2 sacks of flour
C. A firm that used to produce 100 pizzas using 2 sacks of flour can now produce 90 pizzas using 3 sacks of flour
D. A firm that used to produce 100 pizzas using 2 sacks of flour can now produce 90 pizzas using 2 sacks of flour
Which of the following situations illustrate the concept of efficiency?
A. A firm that used to produce 100 pizzas using 2 sacks of flour can now produce 110 pizzas using 3 sacks of flour
B. A firm that used to produce 100 pizzas using 2 sacks of flour can now produce 110 pizzas using 2 sacks of flour
C. A firm that used to produce 100 pizzas using 2 sacks of flour can now produce 90 pizzas using 3 sacks of flour
D. A firm that used to produce 100 pizzas using 2 sacks of flour can now produce 90 pizzas using 2 sacks of flour
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Related questions
Real GDP per capita is calculated as the total
| A. | real GDP in a given year. | |
| B. | real GDP divided by the nominal GDP. | |
| C. | real GDP divided by the population. | |
| D. | nominal GDP divided by the population |
Table: Small Town GDP
| Town | Real GDP (U.S. Dollar) | Population |
| A | 4,859,307 | 250 |
| B | 10,000,050 | 175 |
| C | 6,000,000 | 320 |
| D | 3,549,289 | 90 |
(Table: Small Town GDP) Which of the four towns in this table has the highest standard of living?
| A. | Town A | |
| B. | Town B | |
| C. | Town C | |
| D. | Town D |
(Table: GDP Table)
Table: GDP Table
| Product | Price | Quantity |
| Shovels | $20 | 50 |
| Books | 50 | 100 |
| Tomatoes | 1 | 500 |
| Pizzas | 10 | 120 |
Suppose an economy produces only the four goods listed in this table. All of the country's tomatoes are used in the production of pizzas and all of its shovels are purchased by foreign firms that produce landscaping services only in their country. What is the value of GDP in this country?
| A. | $6,200 | |
| B. | $7,700 | |
| C. | $6,700 | |
| D. | $7,200 |
Which of the following services does NOT count towards GDP?
| A. | You paint your own two-story garage. | |
| B. | A doctor treats a patient in a hospital. | |
| C. | Your real estate agent sells your house for you. | |
| D. | An economics professor educates her students in a classroom. |
