The only way the standard of living of the average person in a country can increase is if ________ increases faster than ________

Which of the following is NOT part of the first big economic question?

A) What goods and services are produced? B) How are goods and services produced? C) For whom are goods and services produced? D) Why do incentives affect only marginal costs?

Brett, who is a chef, divides his time between fishing and cooking meals. His production set is described by the equation , where is the number of salmon he catches and y the number of meals he cooks. If Brett catches 5 salmon and cooks 2 meals,

a. he is overusing his resources. b. the result is economically efficient. c. the result is economically inefficient. d. he is achieving the best possible outcome.