Adam Smith's pin factory and Henry Ford's automobile assembly line are examples of
a. Product lines
b. Functionally organized firms
c. Inefficient processes
d. In-line production
b
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When net capital flows are positive,
A) net foreign investment is negative. B) capital inflows are greater than capital outflows. C) capital outflows are greater than capital inflows. D) A and B are both correct.
A theory is a(n)
a. answer to a problem. b. way to explain the result an economist wants. c. tool to help determine the answer to a problem. d. a graph.
An increase in nominal GDP implies an increase in:
A. either the price level or output or both. B. the price level. C. both the price level and output. D. output.
Assume Robbie's Robots operates in a perfectly competitive market producing 3,000 robots per day. At this output level, the selling price is $800 per robot and the marginal cost is $800 per robot. To maximize profits, Robbie's Robots should
A. make no adjustments as they are already maximizing their profits. B. increase their output. C. decrease their output. D. stop producing since it is earning a loss.