Production refers to
A) physically producing material goods only.
B) any activity of a firm, whether a corporation, partnership, or sole proprietorship.
C) any activity that results in the conversion of resources into goods or services that can be consumed.
D) any activity that causes a material conversion of manufactured goods.
Answer: C
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In Japan, recycling is prevalent and landfill use is small relative to the United States because
a. the Japanese are more conscientious b. there is no externality problem there c. land is relatively more scarce in Japan d. the Japanese have better recycling technology e. littering is illegal there
In the short run, the dominant effect of deficit reduction causes an
a. outward shift of the aggregate supply curve. b. inward shift of the aggregate supply curve. c. outward shift of the aggregate demand curve. d. inward shift of the aggregate demand curve.