The ability of Intel to spread product development costs over a larger number of units of output arises from:
A. Economies of scale
B. Diseconomies of scale
C. Minimum efficient scale
D. Constant returns to scale
A. Economies of scale
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Strategic voting can reduce the power of someone trying to manipulate the outcome of an election
Indicate whether the statement is true or false
Inflation is an increase in:
a. prices of all products in the economy. b. homes, autos and basic resources. c. the general price level of products. d. none of these.
You have eaten two bowls of ice cream at Sundae School Ice Cream store. You consider eating a third. As a rational consumer you should make your choice by comparing
a. the benefits from eating all three bowls of ice cream to how much three bowls of ice cream costs. b. the benefits from eating all three bowls of ice cream to how much one more bowl of ice cream costs. c. the benefits from eating one more bowl of ice cream to how much three bowls of ice cream costs. d. the benefits from eating one more bowl of ice cream to how much one more bowl of ice cream costs.
Olivia bakes cakes and Andrew grows corn. Olivia and Andrew both like to eat cake and eat corn. In which of the following cases is it impossible for both Olivia and Andrew to benefit from trade?
a. Olivia cannot grow corn and Andrew cannot bake cakes. b. Olivia is better than Andrew at baking cakes and Andrew is better than Olivia at growing corn. c. Olivia is better than Andrew at baking cakes and at growing corn. d. Both Olivia and Andrew can benefit from trade in all of the above cases.