Which of the following conveys the correct relationship between production and inventories?
A. If planned inventories > actual inventories then increase production.
B. If planned inventories < actual inventories then decrease production.
C. There is not clear relationship between inventories and production.
D. If planned inventories > actual inventories then reduce production.
A. If planned inventories > actual inventories then increase production.
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When a firm's MC curve shifts to the right, it implies that
A) new firms are entering the market. B) labor productivity is decreasing. C) labor productivity is increasing. D) the firm's overhead costs are decreasing.
During one winter quarter at Frozen U., snow falls every Friday night. Students assume that, on their campus, Fridays cause snow. This hypothesis
a. should more properly be considered a theory. b. assumes that correlation implies causation. c. assumes that causation implies correlation. d. reflects the fallacy of composition.
When the tax to fund a government project is allocated among voters in proportion to the benefits they receive from the project,
a. productive (efficient) projects will tend to be opposed by a majority of voters. b. counterproductive (inefficient) projects will often be favored by a majority of voters. c. projects that are productive (efficient) will tend to be favored by an overwhelming majority of voters. d. democratic political decision making can be expected to work poorly.
In economics, a public good:
A.) Is any good produced by the government. B.) Has social costs that are lower than private costs. C.) Is provided in an optimal amount by the market. D.) Cannot be denied to consumers who do not pay.