Refer to Figure 17.1. Which of these will hold true if the manager is given a budget of $155?
A. She should produce 8 units of output to maximize output for the budget.
B. She should try to produce 9 units of output because average costs are minimized.
C. She should lobby her boss for more money.
D. She should produce 6 units of output because profits are maximized.
Answer: A
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A negative externality exists when
A. marginal social costs are less than marginal private costs. B. marginal social costs are greater than marginal private costs. C. marginal social benefits are less than marginal private benefits. D. marginal social benefits are greater than marginal private benefits. E. b and c
Which of the following commodities can be considered as an inferior good?
a. Dwelling in a small apartment located in a suburb b. Washing clothes in a washer at home c. Eating out at an upscale restaurant d. Spending vacations at exotic locations
Debt accumulation by the U.S. government in the 1980s:
A. Exceeded the debt the country had accumulated over the preceding 200 years. B. Was small compared with earlier periods of history. C. Was caused by war-related expenditures. D. None of the choices are correct.
Refer to the above figure. Which point(s) represents the lowest level of utility?
A. Points A & C B. Point B C. Point C only D. Point D