Adam Smith's pin factory illustrated the
A. advantages of economies of scale.
B. disadvantages of economies of scale.
C. importance of receiving quantity discounts.
D. dangers of corporate bureaucracies.
A. advantages of economies of scale.
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Which of the following is true?
A) Potential GDP fluctuates around nominal GDP. B) Nominal GDP fluctuates around real GDP. C) Real GDP never equals potential GDP. D) The Okun Gaps are much larger than the Lucas Wedge. E) Real GDP fluctuates around potential GDP.
________ analysis by economists refers to the attempt to answer questions such as what are the effects of a tax on production and consumption decisions
A) Positive B) Negative C) Normative D) Investigative
_____ taxation, either through exemptions, deductions, or credits, that are designed to further some goal of social policy
a. Indexation is a increase in b. Tax expenditures are a reduction in c. Bracket creep is an increase in d. The broadening of the tax base is an increase in
If a country, business, or person has a comparative advantage in producing a good or service, this means that this country, business, or person
a. can produce this good at the same opportunity cost as others. b. can produce this good or service at a low opportunity cost. c. should buy this good from others d. can produce this good or service at a high opportunity cost.