Which of the following ideas exemplifies the Industrial Revolution?
a. Machines increase productivity
b. Artisans produce the highest-quality products.
c. Communication is critical to business success.
d. Outsourcing in production reduces the overhead expenses of a business.
a
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An import is any good that is:
A) produced and consumed domestically. B) priced through an auction mechanism. C) produced abroad, but sold domestically. D) rationed and licensed by the government.
Everything else held constant, when real estate prices are expected to decrease
A) the demand curve for bonds shifts to the left and the interest rate rises. B) the demand curve for bonds shifts to the left and the interest rate falls. C) the demand curve for bonds shifts to the right and the interest rate falls. D) the supply curve for bonds shifts to the right and the interest rate falls.
The use of a dollar bill to buy a concert ticket represents the function of money as a:
a. medium of exchange. b. unit of account. c. store of value. d. all of these.
When long-run average total cost increases as output increases, a firm experiences
a. diseconomies of scale b. economies of scale c. constant returns to scale d. decreasing marginal cost e. greater total cost in the long run than in the short run