Which of the following is a measure of the cost of goods and services bought by firms?
a. consumer price index
b. employment cost index
c. GDP deflator
d. producer price index
d. producer price index
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What is the Coase Theorem? Under what conditions will the Coase Theorem break down?
What will be an ideal response?
Production costs for a given output will be minimized when the
A. budget line and the product indifference curve meet in the vertical axis. B. budget line crosses the product indifference curve. C. budget line begins to bend back on itself. D. product indifference curve and the budget line are tangent.
When total revenue and price are directly related, demand is
A) unit-elastic. B) inelastic. C) elastic. D) not related.
At its maximum during the Great Depression unemployment reached approximately ___ percent of the labor force?
a. 15 b. 25 c. 50 d. 75