Scale economies help explain why products are produced in a limited number of varieties in a country.
Answer the following statement true (T) or false (F)
True
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Spending money on a new car instead of a used car when you are on a fixed budget is an example of
A) a bad thing to do because you run out of money. B) living on the edge. C) the incursion of an opportunity cost. D) isolating variables.
We often witness prices of water, gasoline and construction materials surge in a region just before a major storm hits. Some call this "price gouging." In the economic way of thinking, however, those higher prices are caused by
A) an increase in supply and an increase in demand. B) an increase in supply and a decrease in demand. C) a decrease in supply and an increase in demand. D) a decrease in supply and a decrease in demand. E) practices that are not connected to underlying supply and demand conditions.
Prior to the 1980s, S&Ls and mutual savings banks were restricted almost entirely to
A) commercial real estate loans. B) home mortgages. C) education loans. D) vacation loans.
Sirius has just finished high school and started looking for his first job, but has not yet found one. Other things the same, the unemployment rate
a. and the labor-force participation rate both increase. b. increases, and the labor-force participation rate is unaffected. c. is unaffected, and the labor-force participation rate increases. d. and the labor-force participation rate are both unaffected.