If a hospital is experiencing economies of scale,:
a. it should reduce its output level to lower costs.
b. its average cost curve is negatively sloped as output increases.
c. prices are obviously too high.
d. quality is falling as output is rising.
e. its average cost curve is positively sloped as output increases.
b. its average cost curve is negatively sloped as output increases.
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If workers in the auto industry were organized separately into an electrical workers' union, a machinists' union, and a painters' union, these unions would be called
a. agency unions b. industrial unions c. skilled unions d. craft unions e. federated unions
If financial news broadcasts reported that inflation was likely to rise significantly next year, what would most likely happen to the velocity of circulation?
a. It will decrease. b. It will increase. c. It will remain constant. d. Velocity is unrelated to inflation.
Which of the following goods is least liquid?
A. Cash B. Checking account C. Car D. House