In which of the following industries are economies of scale exhausted at relatively low levels of output?
A. Aircraft production.
B. Automobile manufacturing.
C. Concrete mixing.
D. Newspaper printing.
Answer: C
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What are the main influences on the elasticity of supply that make the supply of some goods elastic and the supply of other goods inelastic?
What will be an ideal response?
The simple accelerator theory suggests that investment will be rising when
A) output is rising. B) the growth of output is rising. C) output is high. D) the growth of output is high.
The consumption function shifts upward when
A) real income increases. B) saving increases. C) the real wealth of the average household increases. D) population decreases.
Which of the following fiscal policy changes would be the most contractionary?
A. A $40 billion increase in taxes B. A $20 billion increase in taxes and a $20 billion cut in government purchases C. A $30 billion increase in taxes and a $10 billion cut in government purchases D. A $10 billion increase in taxes and a $30 billion cut in government purchases