Describe two kinds of efficiency Full production imply
Describe two kinds of efficiency Full production imply?
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1. Locative efficiency means that resources are used for producing the combination of goods and services most wanted by society.
Eg: instead of long-playing records producing compact discs with productive resources or computers with word processors rather than manual typewriters.
2. Productive efficiency means that least costly production techniques are used to produce wanted goods and services.
Briefly describe the term explicit cost and implicit cost?
Who owns the factors of production and the method used to coordinate economic activity?
Compare the costing and pricing process of heterodox pricing process to the procedures utilized in neoclassical microeconomics to set prices. In what ways are heterodox prices altered from neoclassical prices?
Using a random sample of 670 individuals for the population of people in the workforce in 1976, we want to estimate the impact of education on wages. Let wage denote hourly wage in 1976 U.S. dollars and let educ denote years of schooling. We obtain the following OLS regression line: wage = -0.54
Comment on the following statement from a newspaper article: “Our junior high school serves a splendid hot meal for $1 without costing the taxpayers anything, thanks in part to a government subsidy.”
Question: If a government pegs the value of its currency to another currency, the government must stand ready to i. _________________________ the "hard" currency to defend the pegged value of its own currency. ii.
Explain determining the types of the various products that will be produced?
Elucidate various national currencies of foreign exchange market?
Explain the cause of Trade barriers?
How do households dispose of their income?
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