The Value of Total Output Decreases When Labor Leaves One

question 58

Multiple Choice

The value of total output decreases when labor leaves one industry and goes to another and capital leaves the second industry and goes to the first. This indicates that

• A) the first situation was not efficient.
• B) the second situation is efficient.
• C) price is greater than marginal cost.
• D) it would be efficient to return to the first situation.

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Definitions:

ROM

ROM stands for Read-Only Memory, a type of non-volatile storage that is used primarily in computers and other electronic devices to hold permanent data that does not change.

Multiuser Systems

Computer systems that allow multiple users to access or operate the system simultaneously.

Coding The Algorithm

The process of translating a set of algorithm steps into a programmable language to solve a specific problem.

Pseudocode

A notational system for algorithms that combines elements of programming languages and natural language.