Economies of scale cannot be due only to the sheer size of a firm's operation.
Answer the following statement true (T) or false (F)
False
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If a consumer purchases any combination of goods and services on his ________, he will exhaust his income completely
A) indifference curve B) budget constraint C) demand schedule D) demand function
All of the following would be potential problems if developing nations around the world emphasized export promotion EXCEPT
A) industrial nations may be unable to absorb the exports of many newly industrializing nations. B) it would be much harder to emphasize exports under the WTO framework if the emphasis in exports requires some kind of subsidies. C) export growth may not add to GDP if it crowds out growth in output of goods for domestic consumption. D) export promotion by many countries may lead to economic conflicts. E) current research has clearly established that there is no causal connection between exports and faster economic growth.
When aggregate expenditures are equal to aggregate production, the economy is experiencing
A. an inflationary GDP gap. B. a budget deficit. C. a trade deficit. D. macroeconomic equilibrium.
When there is an excess quantity supplied
A. quantity demanded is greater than quantity supplied. B. quantity demanded is less than quantity supplied. C. the market is in equilibrium. D. prices will remain stable.