Using specialized equipment to produce simultaneously a number of similar items
a. leads to economies of scale.
b. is the goal of deregulation.
c. can only happen in a high technology nation.
d. is called economies of scope.
d
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When tastes over current and future consumption are homothetic, the interest rate elasticity of savings supply is positive.
Answer the following statement true (T) or false (F)
Which of the following CORRECTLY describes how price adjustments eliminate a shortage?
A) As the price rises, the quantity demanded decreases while the quantity supplied increases. B) As the price rises, the quantity demanded increases while the quantity supplied decreases. C) As the price falls, the quantity demanded decreases while the quantity supplied increases. D) As the price falls, the quantity demanded increases while the quantity supplied decreases.
Brett buys a new cell phone for $100. He receives consumer surplus of $80 from the purchase. How much does Brett value his cell phone?
A) $180 B) $100 C) $80 D) $20
If the LM curve is vertical, then
A) there is partial "crowding out" of an increase in government expenditures. B) the increase in the money supply will have no impact on the level of real GNP. C) the demand for money is highly sensitive to the interest rate. D) the velocity of money is constant.