Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels, B for his benefits and C for your costs, where B and C are measured in dollars. For any given volume, D, your neighbor's benefit is B = 0.63D - 0.002D2 and your cost is C = 0.06D + 0.001D2. What is the efficient volume, D?
A. 90
B. 95
C. 115
D. 345
B. 95
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Two years ago, the GDP deflator for Old York was 300, and today it is 330.75. Based on this information the annual average inflation rate for the two years was
A) 5%. B) 5.125%. C) 10%. D) 10.25%.
Which of the following can be classified as a regressive tax?
a. Excise tax. b. Sales tax. c. Gasoline tax. d. All of these.
Suppose your bank pays you 5 percent interest per year on your savings account. If prices increase by 5 percent per year over that time, approximately how much real value do you gain by keeping $100 in the bank for a year?
A. $0 B. $1 C. $3 D. $6
Over the past twenty years, the number of small family farms has fallen significantly and in their place there are fewer, but larger, farms owned by corporations. Which of the following best explains this trend?
A) diseconomies of scale in farming B) economies of scale in farming C) diminishing returns to labor in farming D) declining productivity