When a firm is experiencing economies of scale
A. long-run average total cost is decreasing.
B. minimum efficient scale has been achieved.
C. a given percentage increase in output requires a more-than-proportionate increase in resources.
D. an increase in output is accompanied by a more-than-proportionate increase in long-run average total cost.
Answer: A
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For a product with a rapidly increasing opportunity cost of producing additional units,
A) demand is price elastic. B) supply is price elastic. C) demand is price inelastic. D) supply is price inelastic. E) the demand curve is vertical.
In what year was the Bretton Woods system of currency exchange set up?
A) 1912 B) 1924 C) 1944 D) 1969
Munn v Illinois (1877) was particularly important with regard to government regulation because it
(a) upheld the traditional right of businesses to act freely without interference by government. (b) established the right of government to regulate any business that was deemed "clothed" in the public interest. (c) established the right of government to regulate any and all businesses wherever such regulation was deemed desirable to promote competition. (d) established the right of government at any level to regulate any business activity if such regulation was deemed desirable for any reason.
Economics can be viewed as a way to think about problems
Indicate whether the statement is true or false