__________________ —a term referring to the activities that businesses can perform to take advantage of economies of scale.
a. Scarcity
b. Division of labor
c. Core competency
d. Specialization
d. Specialization
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Which of the following is an example of a person or firm that is most likely to have been granted a public franchise?
A) medical doctor B) taxi cab driver C) the local pizza parlor D) the local telephone company E) the local Honda dealership
Except for the Smoot-Hawley tariff, U.S. tariff levels have always been relatively low
Indicate whether the statement is true or false
In the market for a normal good, what is the ultimate market reaction of suppliers to an increase in the incomes of consumers?
A) Suppliers do not react, because a change in income shifts the demand curve, not the supply curve. B) The supply curve shifts to the right. C) The supply curve shifts to the left. D) Quantity supplied increases as the equilibrium moves along the supply curve due to a rise in the demand.
Crowding out will be more pronounced the closer to vertical is the
A) IS curve. B) LM curve. C) consumption function. D) aggregate demand function.