Economies of scale is another term for
a. increasing returns to scale.
b. constant returns to scale.
c. increasing marginal physical productivity.
d. decreasing returns to scale.
a
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In what sense do self-fulfilling expectations determine the acceptability of a medium of exchange?
A) People like to do what the government expects them to do. B) People value something as money only if they believe others will accept it from them as payment. C) People expect that money will never lose its value. D) People expect that eventually every country will use the same medium of exchange.
There are at least three exchange rates between every pair of national currencies
a. True b. False Indicate whether the statement is true or false
An economy produces only 1,000,000 computers valued at $2,000 each. Of these, 200,000 are sold to consumers, 300,000 are sold to businesses, 300,000 are sold to the government, and 100,000 are sold abroad. No computers are imported. At the end of the year, the computer manufacturers hold the unsold computers in inventory. What is the value of the investment component of GDP?
A. $0.6 billion B. $0.3 billion C. $0.8 billion D. $0.4 billion
The MR = MC rule applies:
A. in the short run but not in the long run. B. in the long run but not in the short run. C. in both the short run and the long run. D. only to a purely competitive firm.