The original ‘long box’ packaging of CD’s is an example of
a. a positive production externality c. an envirotech industry
b. a negative production externality d. a negative consumption externality
d. a negative consumption externality
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Government regulations that worsen the performance of financial institutions include:
a. interest rate ceilings b. reserving a minimum portion of loans for rural borrowers c. a high percentage of deposits kept in reserve d. subsidies for low-income borrowers e. all of the above
Someone who has a job but is absent from work because she is on vacation is counted as "employed."
a. True b. False Indicate whether the statement is true or false
In his 1951 book, Social Choice and Individual Values, Kenneth Arrow used the term "transitivity" to mean
a. A beats B only if everyone prefers A to B. b. if everyone prefers A to B, then A beats B. c. if A beats B and B beats C, then A must beat C. d. everyone who is eligible to vote must vote; otherwise, the outcome is invalid.
Average variable cost is equal to
A. average cost plus average fixed cost. B. marginal cost plus average fixed cost. C. marginal cost. D. average total cost minus average fixed cost.