An ethanol processing plant operates relatively efficiently when operating at its designed "capacity". The firm is willing to pay more for delivery of corn to maintain this level of output. This indicates that the firm is likely to experience ______ (higher, lower, the same) average total costs operating at less than this level of output.
a. Higher
b. Lower
c. The same
a. Higher
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The base year is the year
a. in which prices are unstable. b. in which prices are lowest. c. in which prices are highest. d. that serves as a reference point or benchmark. e. in which nominal output is largest.
Disposable income is less than GDP due to
A. Taxes by governments along with exports. B. Taxes by governments along with imports. C. Income held by businesses. D. Taxes by governments and income held back as saving by businesses.
Which of the following best describes the consumer optimum?
A) MUa/Pa = TUb/Pb B) MUa/TUa = Pa C) MUa/Pa = MUb/Pb = . . . = MUz/Pz. D) change in TU/change in P = MU
The international unit of accounting used by the International Monetary Fund (IMF) is called
A. special drawing rights. B. the IMF dollar. C. the quota subscription. D. the Eurodollar.