The CPI basket is determined by
What will be an ideal response?
infrequent survey
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Obstacles in achieving efficiency in a market include
A) public goods. B) the presence of an external cost or benefit. C) competition. D) Both answers A and C are correct. E) Both answers A and B are correct.
The economizing process (choosing from among alternatives to maximize benefits)
A) applies only to consumers. B) applies only to privately-owned firms. C) applies only to producers. D) is the same for producers as it is for consumers.
Full employment
a. exists when everyone in the economy has a job b. exists when everyone who wants a job has one c. exists when the unemployment rate is zero d. exists when everyone in the labor force has a job e. will always include some unemployment
BrightLight Ltd. estimates the demand curve for its table lamps to be Q = 1,000 - 4P. That is, P = 250- .25Q. Which of the following is NOT true?
A. The elasticity of demand for BrightLight's table lamps is equal to 7.5 when their price is $125. B. The maximum total revenue BrightLight can obtain is $62,500. C. The marginal revenue curve for BrightLight's table lamps is given by MR = 250 - ½P. D. BrightLight maximizes its total revenues when selling 500 lamps.