Large firms are able to lower their costs by taking advantage of ___________.
Fill in the blank(s) with the appropriate word(s).
economies of scale
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What factors shift the demand for labor curve? Briefly describe the effect of each
What will be an ideal response?
Allocative efficiency means that
a. firms have maximized production b. all mutually beneficial trades have taken place c. the next unit sold will increase total surplus d. producer surplus is maximized e. no mutually beneficial trades have occurred
A 2.9 percent payroll tax (1.45 percent levied on both the employee and the employer) imposed on current workers is used to finance the
a. Medicaid program that provides healthcare for the poor. b. hospitalization costs of Medicare beneficiaries. c. cost of physician services supplied to the elderly. d. healthcare costs of both the elderly and the poor.
Which institutions can create money?
A. Mutual funds and retirement funds B. The government and its agencies C. The Fed and the banks D. Households and corporations