At McDonald's, economies of scale at the firm level
a. can be traced to factors such as the use of centralized training and common menus for all restaurants
b. exist only in the short run
c. occur above the firm's minimum efficient scale
d. can be traced to the diminishing marginal productivity of a variable resource, such as labor
e. occur over the range of output for which the firm's total cost curve is upward sloping
A
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An increase in ________ leads to an equal ________ in the monetary base in the short run
A) float; decrease B) float; increase C) discount loans; decrease D) Treasury deposits at the Fed; increase
A Marshallian, or uncompensated, demand curve reflects:
A. only the substitution effect of a price change. B. only the income effect of a price change. C. both the income and substitution effects of a price change. D. neither the income nor the substitution effects of a price change.
The United States temporarily operated outside the production possibilities frontier in
A. 1933. B. 1943. C. 1973. D. 1982.
State governments receive half of their tax revenue from property taxes.
Answer the following statement true (T) or false (F)