Which of the following is not a source of economies of scale?
A. Use of larger machines
B. Labor specialization
C. Inelastic resource supply curves
D. Learning-by-doing
Answer: C
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The prime engine of growth in market economies is
A) government spending B) consumer spending C) innovation D) private saving
The Keynesian short-run aggregate supply (SRAS) curve
A) shows that real Gross Domestic Product (GDP) will increase only if the price level increases. B) is horizontal. C) assumes a full-employment level of real Gross Domestic Product (GDP). D) does not reflect any changes in nominal Gross Domestic Product (GDP).
Small Business
What will be an ideal response?
Let supply be given by P = 5Q and demand by P = 19 - 2Q. Suppose we now place a tax of 5 per unit of output on the seller. The new equilibrium price is:
A. 10 B. 7 C. 15 D. 2