Suppose that the Department of Transportation is compiling data on traffic accidents and it wants to present the data in the form of an index. If there were 2,000 accidents in the base year, 2007, and 2,100 accidents in 2008, what is the value of the index for 2008?
a. 95.2
b. 100
c. 105
d. 200
e. 210
C
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In the figure above, if pizza production increases to 15,000 pizzas a day, then marginal benefit ________ marginal cost, and ________ occurs
A) exceeds; overproduction B) exceeds; underproduction C) is below; overproduction D) is below; underproduction E) exceeds; efficient production
A monopolist will operate at the quantity where: a. MR = MC and charge a price equal to marginal revenue
b. MR = MC and charge a price equal to average variable cost. c. MR = MC and charge a price corresponding to demand at that level. d. MR = MC and charge a price corresponding to average total cost at that level.
Jessica makes photo frames. She spends $5 on the materials for each photo frame. She can create one photo frame in an hour. She earns $10 per hour at a part-time job at the local coffee shop. She can sell a photo frame for $30 each. An accountant would calculate the total profit for one photo frame to be
a. $10. b. $15. c. $20. d. $25.
The graph above shows two production possibilities curves for a nation that produces two goods, Y and Z. PP1 and PP2 show the production possibilities for years 1 and 2. The nation's total production then decreased after year 2. This change could be represented by a move from:
A. F to B. B. E to D. C. A to E. D. F to A.