"External economies" derive from all of the following except
(a) the joint use of transportation facilities.
(b) labor force concentrations in urban areas.
(c) social overhead facilities such as police and fire protection.
(d) economies of management associated with large firms.
(d)
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Pell grants are money given to students attending college. Pell grants are most closely similar to
A) public provision of a good. B) private subsidies given to producers of a good. C) vouchers given to consumers of a good. D) property rights assigned to consumers of a good. E) a subsidy given to the producer of a good.
Refer to Table 20-14. The real average hourly earnings for 1965 in 2010 dollars equal
A) $3.87. B) $5.80. C) $12.10. D) $18.14.
The cost function is:
a. a means for expressing output as a function of cost b. a schedule or mathematical relationship showing the total cost of producing various quantities of output c. similar to a profit and loss statement d. incapable in being developed from statistical regression analysis e. none of the above
Which of the following observations is true? a. Sunk costs are irrelevant for any future action
b. Sunk costs should not be ignored when making decisions. c. Sunk costs are often hidden. d. Sunk costs can be recovered using corrective measures.