Which of the following is the term used when average costs go down as the measure of output goes up?
a. Relative advantage
b. Absolute advantage
c. Comparative advantage
d. Economies of scale
d. Economies of scale
Economies of scale is the term used when average costs go down as the measure of output goes up.
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Money solves the problem of double coincidence of wants that would regularly occur under a system of credit
Indicate whether the statement is true or false
According to the economic way of thinking, government officials tend to vote on legislation that
A) concentrates benefits on a well-organized group. B) disperses costs throughout a great number of politically unorganized people. C) generates short-term benefits and postpones the costs. D) does all of the above. E) does none of the above.
In 2009, the U.S. budget deficit was $1.4 trillion
a. True b. False Indicate whether the statement is true or false
Faster economic growth in the United States may lead to the serious macroeconomic problem of higher
a. levels of unemployment. b. federal budget deficits. c. levels of inflation. d. levels of poverty.