According to Say's law,
A) if there is demand for a good, someone will supply it.
B) production creates demand sufficient to purchase all goods and services produced.
C) supply and demand work together to determine price.
D) trading takes longer in a barter economy than in a money economy.
E) none of the above
B
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If a firm experiences decreases in the per-unit costs of production as its network increases, then this firm is experiencing
A) economies of scope. B) economies of scale. C) network externalities. D) differentiation.
Specialization describes the occurrence when a country shifts resources to focus on producing a good that offers ____________ advantage and the lowest opportunity cost.
a. marginal b. comparative c. minimal d. profit
Name some important lessons learned from the financial crisis.
What will be an ideal response?
According to the new Keynesian sticky-price theory, a rise in aggregate demand results in ________ price level in the near term and in ________ price level in the longer term.
A. a lower; an unchanged B. a lower; a higher C. a higher; an unchanged D. an unchanged; a higher