The national income accounting system provides a measure of:
a. only the total amount of profits made by business firms.
b. the total value of all inputs used in production.
c. the government budget surplus and deficit.
d. the net exports of a nation.
e. the output of an entire economy.
e
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Suppose the marginal social cost (MSC) of abatement for particulate matter (PM) is MSC = 8 + 0.5A, where A is percent of PM removed, and MSC is in millions of dollars. Find the change in total social costs (TSC) of abatement if the abatement level increases from 12 percent to 20 percent as a result of new policy.
What will be an ideal response?
The positively-sloped part of the long-run average total cost curve is due to which of the following?
A) Diseconomies of scale. B) Diminishing returns. C) The firm being able to take advantage of large-scale production techniques as it expands its output. D) The increase in productivity that results from specialization.
All of the following are cited as potential explanations for the decrease in demand for Kleenex-brand facial tissues except:
A) consumers switching to substitute products. B) market entry by lower-priced private brands. C) the failure of the producer of Kleenex tissues to develop any new and innovative products.
The following is not a consequence of Xt and Yt being cointegrated:
A) if Xt and Yt are both I(1), then for some ?, Yt – ? Xt is I(0). B) Xt and Yt have the same stochastic trend. C) in the expression Yt – ? Xt , ? is called the cointegrating coefficient. D) if Xt and Yt are cointegrated then integrating one of the variables gives you the same result as integrating the other.