Which of the following did NOT contribute to "internal economies" in the industrialization process?
(a) Diminishing returns to scale
(b) Central power sources
(c) Managerial improvements
(d) Transportation networks
(a)
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One of the major benefits to society of monopolistic competition is
A) high prices. B) restricted output. C) product differentiation. D) the excess capacity. E) the marku
To the extent that the political process of moving legislation through Congress is slow
A) the effect time lag will be long. B) the recognition time lag will be long. C) the action time lag will be long. D) automatic stabilizers will not be effective.
As long as trade across borders is unrestricted and exchange rates adjust freely, the purchasing power parity theory predicts that the exchange rate between two national currencies will adjust in the
a. short run because of the actions of arbitrageurs b. long run to reflect differences in the nations' price levels c. long run to reflect changes in the governments' trade policies d. short run because of the actions of speculators e. long run to reflect differences in military power
How are the effects of the financial crisis shown using the Phillips curve diagram?