What is the index of leading indicators, and what is it used for?
The index of leading indicators is a collection of 10 business and economic variables that tend to reach a high or low prior to the peak of a business expansion or the trough of an economic recession. Economists use the index to forecast the economy.
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Which of the following will most likely result from a destruction of half of the Florida orange crop due to a hard freeze?
a. a decrease in the demand for oranges b. an increase in the supply of oranges c. an increase in the quantity of oranges bought and sold d. an increase in the price of oranges
Marginal revenue equals marginal cost at an output of 15 units. At this output, marginal revenue equals $30, average variable cost equals $20, and average total cost equals $25. In the short run, a profit-maximizing firm will earn a profit of
A. -$75. B. $0. C. $75. D. $150.