An independent trucker has to choose one of the four possible combinations of inputs listed below. The two inputs are drivers and machinery. If he buys expensive machinery, then he can hire fewer drivers to deliver the same output. The input combinations are Method 1: 20 drivers, 10 machines;Method 2: 50 drivers, 2 machines;Method 3: 100 drivers, 0 machines;Method 4: 10 drivers, 12 machines.Hiring a driver costs $10. Each machine costs $100. Which method should he use?
A. Method 3
B. Method 2
C. Method 1
D. Method 4
Answer: B
Economics
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The demand for slaves was increasing more rapidly in cities than on plantations
Indicate whether the statement is true or false
Economics
If people took external costs like pollution into consideration:
A. the markets for these goods creating such externalities would generate greater surplus. B. they would act in a way that is optimal from a societal perspective C. they would consume less of the goods causing these externalities. D. All of these statements are true.
Economics