Economies of scale refer to:
A. the idea that proprietorships are less bureaucratic and therefore more efficient than
corporations.
B. public investments in highways, schools, utilities, and such.
C. the fact that large producers may be able to use more efficient technologies than smaller producers.
D. the reallocation of labor from less-productive to more-productive uses.
C. the fact that large producers may be able to use more efficient technologies than smaller producers.
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Citizens of the country of Heehaw produce hay and provide entertainment services (banjo playing). In one year they produced $15 million worth of hay, with $11 million consumed domestically and the other $4 million sold to neighboring countries
They provided $7 million worth of banjo-playing services, $5 million in Heehaw, and $2 million in neighboring countries. They purchased $6 million worth of soda pop from neighboring countries. Calculate the magnitudes of GNP, GDP, net factor payments from abroad, net exports, and the current account balance.
The Great Depression consisted of how many business cycles?
A) 1 B) 2 C) 3 D) 4
Assume Kara's budget constraint is represented by line A in the graph shown, and that her income to spend on these two items is $24. What would cause her budget constraint to move to B?
A. The price of movie tickets falls to $4.
B. The price of movie tickets increases to $4.
C. The price of movie tickets falls to $6.
D. The price of movie tickets increases to $6.