Which of the following is CORRECT? Factors of production are
A) land, labor, the price system, and capital.
B) the inputs used to produce goods and services.
C) the fundamental source of abundance.
D) only land and labor.
B
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The main sources of economies of scale are
A) increasing marginal cost and decreasing marginal product. B) specialization of resources such as labor and capital. C) caused by the difficulty of coordinating and controlling large enterprises. D) decreasing marginal cost and increasing marginal product. E) an increase in a firm's bargaining power to lower the wage rate and the cost of capital as the firm's output increases.
When economies of scale are present, the LRAC curve touches each short-run ATC curve
A) to the left of the ATC curve's minimum point. B) to the right of the ATC curve's minimum point. C) at the ATC curve's minimum point. D) at no points.
The practice of "monetizing the debt" is traditionally feared because it is thought to cause
A) unemployment. B) inflation. C) a falling price level. D) a liquidity trap.
As the price of a good rises:
A. firms generally decrease the supply of the good. B. government regulation becomes more justified. C. more firms can cover their opportunity cost of producing the good. D. firms generally increase the supply of the good.