Which of the following is most likely to create diseconomies of scale?
A) concentration of production in a small number of very large plants.
B) the use of automation devices.
C) technological advance.
D) division of labor.
A
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Suppose the demand for barley is perfectly elastic. The supply curve of barley is upward sloping. If a tax is imposed on barley,
A) barley sellers pay the entire tax. B) barley buyers pay the entire tax. C) the government pays the entire tax. D) the tax is split evenly between barley buyers and sellers. E) who pays the tax depends on whether the government imposes the tax on barley sellers or on barley buyers.
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
A general and ongoing rise in the prices of goods and services in an economy is called inflation
a. True b. False Indicate whether the statement is true or false
Refer to the table below. In moving from combination b to c, the consumer:
The table shows an indifference schedule for several combinations of X and Y.
A. Gets 1 unit of X for 1 unit of Y
B. Gets 2 units of X for 2 units of Y
C. Gets 3 units of X for 1 unit of Y
D. Gives up 4 units of X for 1 unit of Y