Which of the following is the largest single component of the market basket used to compute the consumer price index (CPI)?
A. food and beverages
B. housing
C. transportation
D. medical care
Answer: B
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When carmakers began to cut the costs of producing cars by designing the chassis, engines, and transmissions so that different models could be produced on the same assembly line, production costs fell $240 per car. This idea best illustrates:
A. diminishing marginal product. B. diseconomies of scale. C. economies of scale. D. constant returns to scale.
Income transfers directly alter the mix of output and answer the question of WHAT is produced question.
Answer the following statement true (T) or false (F)
Which of the following reasons offered for why crime fell in the 1990s does the Brennan Center suggest had no impact?
A. Higher rates of incarceration B. The increase in the number of police C. The increased use of community policing D. Longer effective sentences
If a firm chooses to produce 100 units of output for $150 with 10 units of labor and 12 units of capital, when they could produce the same 100 units for $120 with 10 units of labor and 8 units of capital, the firm is technologically ________ and
economically ________. A) efficient; inefficient B) inefficient; efficient C) efficient; efficient. D) inefficient; inefficient