Which of the following is the largest contributor to the growth of labor productivity in the United States?
A. Technological advance.
B. Education and training of labor.
C. Economies of scale.
D. Improved resource allocation.
A. Technological advance.
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The term "saving" is a flow concept while the term "savings" is a stock concept
a. True b. False Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. When U.S. citizens travel on United Airlines to Japan, this constitutes a debit in the U.S. balance of payments. 2. The financial account includes income earned on investments made in prior years. 3. When a U.S. citizen buys goods from a foreign merchant, the goods are usually paid for by having the U.S. citizen send a personal check or dollars directly to the exporter. 4. Although prices in the United States and France may be stable, changes in the exchange rate between dollars and euros can make the actual cost of trade more expensive for one or the other. 5. As the price of foreign exchange increases in terms of the U.S. dollar, U.S. products become cheaper for foreigners to buy.
Which of the following is NOT a reason why a firm may experience economies of scale?
A) productive specialization B) dimensional factors C) improved productive equipment D) increased layers of management
Assume the market is in equilibrium in the graph shown at demand D and supply S1 (at a quantity of 5). If the supply curve shifts to S2, and a new equilibrium is reached (at a quantity of 7), which of the following is true?
A. Total surplus decreases by $15.50. B. Total surplus increases by $12.50. C. Total surplus decreases by $12.50. D. Total surplus increases by $15.50.