Which of the following is an example of roundabout production?
A) A farmer switches from growing soybeans to growing wheat, getting fewer crops per year as a result.
B) A farmer switches from growing soybeans to growing wheat, getting more crops per year as a result.
C) A self-employed dressmaker becomes a wage worker at a factory that makes dresses.
D) A coal mine is sold by its owners to its workers and run as a cooperative.
E) A telemarketing firm declares a holiday for two days while a new phone system is installed.
Correct Answer:
Verified
Q3: Because present consumption is more highly valued
Q4: Saving is necessary for production because
A)more roundabout
Q5: The production of capital goods, which are
Q6: Most companies that sell CDs by mail
Q7: Saving is
A)helpful for production but not necessary
B)not
Q9: Which of the following is an example
Q10: For the typical consumer, present consumption is
A)preferred
Q11: If a person produces capital goods, she
Q12: The production of capital is a form
Q13: The opportunity cost of producing capital is
A)decreased
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