The total cost of producing a given level of output is
A) maximized when a corner solution exists.
B) minimized when the ratio of marginal product to input price is equal for all inputs.
C) minimized when the marginal products of all inputs are equal.
D) minimized when marginal product multiplied by input price is equal for all inputs.
B
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Workers expect inflation to fall from 4% to 1% next year. As a result, this should
A) move the economy up along a stationary short-run aggregate supply curve. B) shift the short-run aggregate supply curve to the right. C) shift the short-run aggregate supply curve to the left. D) move the economy down along a stationary short-run aggregate supply curve.
The category of resources economists call "land" refers to all of the following, except:
a. natural gas. b. animals. c. oceans. d. minerals. e. buildings.