When one firm can supply many goods through simultaneous production at higher savings,
A. it has achieved peak production.
B. it has vertically integrated.
C. it has horizontal integration.
D. it has economies of scope.
Answer: D
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In the specific factors model, a 5% increase in the price of food accompanied by a 1% increase in the price of cloth will cause ________ in the welfare of labor, ________ in the welfare of the fixed factor in the production of food, and ________ in
the welfare of the fixed factor in the production of cloth. A) an ambiguous change; an increase; a decrease B) an ambiguous change; a decrease; an increase C) an ambiguous change; an ambiguous change; an ambiguous change D) a decrease; an ambiguous change; an ambiguous change E) an increase; a decrease; an increase
Ordinary Least Squares Regression analysis attempts to
A) maximize the distance of each point from a regression line. B) select a line that fits the data well. C) maximize the residual. D) change a multivariate problem into a single dimension.
Being unemployed in economic terms means that you are:
a. out of work and actively looking for a job. b. out of paid work and not actively looking for a job. c. out of work and not actively looking for a job. d. out of paid work and unable to work.
Consider the following (hypothetical) cash economy with no banks. The money supply consists entirely of $1000 in currency. Output is currently at potential. The government is currently faced with a $100 budget deficit and chooses not to raise taxes, but instead prints $100 more currency with which to balance its budget. The long run result is likely to be
a) an interest rate of 10% b) an inflation rate of 10% c) a 10% increase in the velocity of money d) a 10% growth rate of real GDP e) a 10% increase in the national debt