The decision by the Municipal Transit Authority to either refurbish existing buses, buy new large buses, or to supplement the existing fleet with mini-buses is an example of:

Joe owns a coffee house and produces coffee drinks under the production function q = 5KL where q is the number of cups generated per hour, K is the number of coffee machines (capital), and L is the number of employees hired per hour (labor)

What is the average product of labor? A) AP = 5 B) AP = 5K C) AP = 5L D) AP = 5K/L

One principle that nearly all economists agree on when defining money is that it should be

a. spendable. b. liquid. c. accepted as payment. d. easily transferable. e. All of the above are correct.