Which of the following is the term used when average costs go down as the measure of output goes up?
a. Relative advantage
b. Absolute advantage
c. Comparative advantage
d. Economies of scale
d. Economies of scale
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Positive analysis:
A. examines if the outcome is desirable. B. involves the formulation and testing of hypotheses. C. involves value judgments concerning the desirability of alternative outcomes. D. weighs the fairness of a policy.
If one borrower fails to repay a loan,
a. most banks will have serious problems. b. a bank will attempt to sell the loan. c. it will not affect a diversified bank d. the bank will report this to the borrower's employer.
A fiduciary monetary system means
A. that money is legal tender. B. that the currency is backed by implicit faith in government. C. that the value of each currency is determined by the amount of gold held by each nation. D. that money has commodity value.
It is generally ________ to fire a bad public school teacher ________.
A. easy; who has little interest in teaching any longer B. difficult; who has tenure C. easy; who has tenure D. impossible; who has committed a felony