The efficient quantity of a good
a. is achieved whenever the marginal cost of producing the last unit exceeds its value to some consumer
b. is achieved whenever the value of the last unit to some consumer exceeds the minimum price its producer would be willing to accept for it
c. will not be produced unless a side payment is made
d. is the quantity at which the market supply and demand curves intersect
e. is usually a fair quantity
D
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Economics is a:
a. Managerial science b. Business science c. Social science d. Natural science
Price indexes allow us to convert ________ measures of output into ________ measures of output, because an increase in that would mean economic growth.
A. perceived; real B. nominal; perceived C. nominal; real D. real; nominal
The optimal level of emissions of most pollutants is zero.
Answer the following statement true (T) or false (F)
The broadest-based price index available is the
A. consumer price index. B. wholesale price index. C. GDP deflator. D. producer price index.