Household production is more likely to occur when
a. it requires many specialized resources
b. technology makes it more costly than market production
c. tax avoidance is undesirable
d. more control over the final product is desirable
e. all of the above
D
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Who tends to receive the benefits from a public good that increases the desirability of living in a certain area?
a. Government. b. Residents. c. Landlords. d. No one.
The production of electricity creates pollution. When deciding how much electricity to buy, customers ________ the cost of pollution. When deciding how much electricity to buy, producers ________ the cost of pollution
A) take into account; take into account B) do not take into account; do not take into account C) take into account; do not take into account D) do not take into account; take into account E) None of the above answers is correct.
The slope of the labor-leisure budget constraint represents the tradeoff between leisure and income
a. True b. False Indicate whether the statement is true or false
Suppose the typical consumer only purchases food and clothing, and her utility can be expressed as U=F*C. Currently, food costs $5 per unit and clothing costs $2 per unit. Her income is $70. If the price of food increases to $6, compare the resulting Laspeyres price index with a true cost of living index
What will be an ideal response?