Economists speaking like scientists make
a. normative statements.
b. prescriptive statements.
c. claims about how the world is.
d. claims about how the world should be.
c
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Suppose that a firm's long-run average total costs of producing custom wooden picnic tables is $300 when it produces 10,000 tables and $325 when it produces 11,000 tables. For this range of output, the firm is experiencing
a. economies of scale. b. constant returns to scale. c. diseconomies of scale. d. specialization.
Since the end of World War II in 1945, the world has experienced an accelerating movement toward
A. free trade. B. an increase in trade barriers. C. self-sufficiency in most industrial nations. D. a breakdown of international trade.
A monetarist would advocate decreasing the growth rate of money supply during a recession.
Answer the following statement true (T) or false (F)
Taxes can be used to internalize negative externalities.
Answer the following statement true (T) or false (F)