Economies of scale are reductions in average
A. Total cost that result from declining average fixed costs.
B. Fixed cost that result from reducing the firm's scale of operations.
C. Fixed cost resulting from improved technology and production efficiency.
D. Total cost that result from using operations of larger size.
Answer: D
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Considering all costs of production, the marginal cost of producing a hot dog is $1.00. The price of a hot dog is $1.50. Thus, the producer surplus from this hot dog is
A) $1.50. B) $1.00. C) $.50. D) Zero, because $1.50 is the most anyone would pay for a hot dog.
A decrease in the government budget deficit decreases the ________ loanable funds and an increase in the government budget surplus increases the ________ loanable funds
A) demand for; demand for B) demand for; supply of C) supply of; demand for D) supply of; supply of
Large denomination time deposits are the difference between ________ and ________.
Fill in the blank(s) with the appropriate word(s).
An economy that is an active participant in international trade is
A. a closed economy. B. a protectionist economy. C. an open economy. D. an egalitarian economy.