Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

MicroEcon Section 2 > 10.11 > Flashcards

10.11 Flashcards

1
Q

If there were to be a tax put on gas, what would happen to our budget constraints?

A

It would pivot inward

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What will happen to the oppurtunity cost of gas if there is a tax?

A

The oppurtunity cost of gas would increase as you have to sacrifice more to get another unit of the more expensive gas.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are considered resources bought by the owner?

A

Entrepreneurship and Labor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the oppurtunity cost of the owners labor?

A

The next best alternative wage that could be earned elsewhere

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the three constraints that limit a firm?

A

Technological, Informational and Market.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is technological efficiency?

A

When the firm uses the least amounts of inputs to produce a given output.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is economic efficiency?

A

When the firm produces a given output at the lowest possible cost.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Technological efficiet _ Economic efficent

A

Ecconomic Efficent = Technological Efficent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly

MicroEcon Section 2 (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions