A zero-sum economy would result from
A. moderate economic growth.
B. excessive growth after adjusting for inflation rates.
C. a lack of economic growth.
D. nominal GDP growth.
Answer: C
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Some reasons that firms may experience diseconomies of scale include
a. the firm is too small to take advantage of specialization b. large management structures may be bureaucratic and inefficient c. if there are too many employees, the work place becomes crowded and people become less productive d. having more employees doesn't mean there will be more raw materials to use in production e. average fixed costs begin to rise again
Drawing demand and supply curves assumes that the primary variable influencing decisions to produce and purchase goods is:
A. incomes. B. expectations. C. price. D. preferences.
Under a system of freely flexible (floating) exchange rates an American trade deficit with Mexico will tend to cause
A. the United States government to ration pesos to American importers. B. a flow of gold from the United States to Mexico. C. an increase in the peso price of dollars. D. an increase in the dollar price of pesos.
If Mexico has a comparative advantage in the production of oil compared to France, then
A. Mexico also has an absolute advantage in the production of oil. B. France cannot produce oil. C. France has an absolute advantage in the production of oil. D. Mexico can produce oil at a lower opportunity cost than France.