NIPA benchmark revisions are those that
A. are the final revision of the data.
B. incorporate changes in seasonal factors.
C. affect data back in time, sometimes as long ago as 1947.
D. use income-tax information.
Answer: C
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Use the following graph to answer the next question.
At the profit-maximizing level of output, the profit earned by the perfectly competitive firm is given by the area
A. BCFG. B. 0AHE. C. ABGH. D. ACFH.
What are economies of scope?
a. lower average costs when multiple different products are produced b. higher average costs when multiple different products are produced c. Constant average costs when multiple different products are produced d. none of the above
A production possibilities curve determines the price at which goods trade
Indicate whether the statement is true or false
Because of the problem of adverse selection,
A. everyone is typically charged a lower premium. B. low-risk individuals may have a hard time finding insurance worth buying. C. high-risk individuals may have a hard time finding insurance worth buying. D. individuals who buy insurance act more recklessly.