Economies of scale:
a. are the result of a diminishing marginal product
b. pertain to the long run only.
c. refer to the increase in output that results from the increased utilization of a single input.
d. imply that the average total cost curve will fall continuously as output increases in the short run.
b
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What is "rent seeking"? How does it apply to restricting imports?
What will be an ideal response?
Rather than accept delivery, most traders in futures markets choose
A) to make margin payments. B) settlement by offset. C) to mark-to-market. D) to make arbitrage payments.
An increase in aggregate supply will cause the price level to:
a. rise and GDP to rise b. rise and GDP to fall. c. rise and the unemployment rate to fall. d. fall and GDP to rise. e. fall and the unemployment rate to rise.
Real output per capita: a. is measured by real GDP per capita
b. is total real output ( real GDP) divided by the number of persons among whom it will be distributed. c. is one measure of the average level of economic well being in a country. d. all of the above are correct.