Household production is more likely to occur when
a. it requires many specialized resources
b. technology makes it easier than market production
c. tax avoidance is undesirable
d. less control over the final product is desirable
e. the opportunity cost of household production is high
B
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There are _______ family farms today than at any previous time in the United States' history.
A. more B. fewer C. about the same number of
Refer to Table 12-4. If the market price is $45 the firm will produce
A) 60 units. B) 80 units. C) 100 units D) 120 units
Which of the following theories of expectations holds that individuals use all information available in forming expectations?
A. Rational expectations theory B. Certainty equivalent theory C. Expected value analysis D. Adaptive expectations theory
Suppose that in the economy of Boise, Amy earns an income of $50,000 a year and pays $10,000 in income taxes; Bailey earns an income of $25,000 a year and pays $8,000 in income taxes. Based on this information, we could say that Boise's tax system is
A) proportional. B) progressive. C) regressive. D) flat.