If a firm increases its output in the ________ and unit costs ________, then the firm is experiencing ________ of scale
A) long-run; decrease; economies
B) short-run; decrease; economies
C) long-run; decrease; diseconomies
D) short-run; decrease; diseconomies
E) long-run; increase; economies
A
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Which of the following is an example of an external benefit?
A) a ton of coal burned in a power plant to produce electricity B) a car accident that crowds a major Los Angeles freeway C) the production of a slice of pizza D) the cleanup of a large lake E) the consumption of a can of Mountain Dew
Saving is
a. the sum of the funds people hold in their checking accounts. b. after-tax income that is not spent on consumption. c. always equal to consumption. d. equal to disposable income plus consumption.
Suppose U.S. consumers start buying more English shoes and fewer U.S. shoes. What impact will this trend have on the foreign exchange market?
a. The U.S. overall demand for foreign exchange, and British pounds, in particular, will increase. b. The U.S. overall demand for foreign exchange, and British pounds, in particular, will decrease. c. The U.S. demand for British pounds will increase, but the overall demand for foreign exchange will probably decrease. d. The U.S. demand for British pounds will decrease, but the overall demand for foreign exchange will probably increase.
The amount that a firm receives from the sale of goods and services is called:
A. maximum profit. B. profit. C. total revenue. D. total cost.