In the following index, which year is most likely to be the base period: 2003 = 123.3; 2004 = 145.3; 2005 = 111.4; 2006 = 100; 2007 = 94.3?
a. 2003
b. 2004
c. 2005
d. 2006
e. 2007
D
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The demand for a productive resource, not for its own sake, but for use in the production of goods and services is called a ________
A) goods and services demand B) production demand C) derived demand D) resource demand
If Jamal successfully and completely internalizes a negative externality, it follows that
A. transaction costs are zero. B. his marginal private costs are equal to marginal social costs. C. information is asymmetric. D. information is symmetric. E. none of the above
When Firm A increased its production last year, its average total cost of production decreased. On the other hand, Firm B also increased its production last year, but its average total cost of production increased. Considering the given situation, which of the following statements is true of the two firms?
a. The size of the plant in Firm A is smaller than the size of the plant in Firm B. b. Firm A is operating with increasing returns to scale, while Firm B is operating with decreasing returns to scale. c. Firm A is operating with decreasing returns to scale, while Firm B is operating with increasing returns to scale. d. Firm A invests more on labor and cheaper variable costs, while Firm B invests more in expensive machinery.
Households in the aggregate use the largest share of their total income to:
a. pay taxes b. consume c. save d. buy capital goods