Question

16," ธ» ptioe cfprodu t X ist.the firm wa roslae (a) an economio prolit of $28 (b) an economic profit of $27 (e) an economic profit of $26 (a) an economlo prouit of $25 7. Now assume that the price of labor talls to $3 and the aally mont etficient In producing product X7 b) B 18. Which is the primary factor determining the share of the total output of the economy recelved by a house (a) the tsstes of the housohold (b) the mediurn of exchange used by the household () the prices at which the household sels its re- (d) ethical conalderations in the operation of a markat 12. If an Increase in the demand for a product and a rise In its price cause an increase in the quantiy supplied, price is a) guiding fundtion (a) division-olHabor role and better method of production that enhances the lirm's economio prolis, other firms will bo forced to adopt the newr method to (a) increase dircular flow b) follow rulés for capital accumulation (a) avoid economic losses or bankauptoy (d) specialize and divide the labor in an ellicient way 21. The advent of parsonal computons and word process ing solftware that ellminated the markst for electric type- willers would be an example of b) derived demand (c) the Tnvisible hand (4 creative destrucilion 22, The chist dcononle vitue of the compeltive markat syslein is that t alous extensive personal froedom b) promotes the ellicient use of resources (e) provides an equitable distribulion of Income )eliminates the need for dedision malding 23. In the system of central planning, the oulputs of some Industies became the Inpuis for other industries, but a fallure one induatry to meet its production target would cause ) widespread unemployment b) Inilation in wholesale and retaill prices (o) prolit declines and potential bankruptoy of im (d) a chain reaction of production problems and bottle

Answer 1