__________________ —a term referring to the activities that businesses can perform to take advantage of economies of scale.
a. Scarcity
b. Division of labor
c. Core competency
d. Specialization
d. Specialization
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The Fed conducts an open market operation and increases a bank's excess reserves by $2,000
Explain the first five rounds of the money creation process if the desired reserve ratio is 25 percent and if people keep no currency outside of the banking system.
If the nation's capital stock increases so that workers become more productive, the
A) demand for labor will increase. B) supply of labor will increase. C) demand for labor will decrease. D) supply of labor will decrease.
You experiment by offering free warranties for your product in market A but not in market B. Sales in A rise from 240 to 360 units per week while sales in B rise from 410 to 430 . The Difference-in-difference estimate of the effect of the free warranty is:
a. 80 units b. 100 units c. 120 units d. 140 units
In a command economy
a. a dictator makes every economic decision b. owners can sell their resources to the highest bidder c. no individual or group coordinates the economy d. in theory, individual choices are reflected in collective decisions, and decisions are made by central planners e. public ownership of resources is combined with free markets to direct economic activity