Which of the following will increase economic freedom?
a. an increase in tariff rates imposed on imported goods
b. an increase in government spending as a share of the economy
c. elimination of regulations that make it difficult to start a business
d. an increase in the rate of inflation and its variability
C
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Refer to Table 20-9. Suppose that the data in the table above reflect the price levels in the economy. Given that data, we can say that the cost of living rose by ________ between 2015 and 2016?
A) 2% B) 5% C) 8% D) 11% E) 13%
Which of the following is not a result of the theory of land rent?
A. Capital invested on any plot of land must yield the same return as capital invested on any other plot of land. B. The difference between the costs of producing on any two pieces of land must equal the difference between their rents. C. Marginal land earns no rent. D. Productive land earns more rent than marginal land, which earns more rent than nonproductive land.
Suppose that Gigantic Company is increasing in size. As Gigantic Company grows, they are able to buy inputs in bulk, resulting in lower input prices. It is likely that continued growth will result in:
A. economies of scale. B. Gigantic Company achieving the minimum efficient scale of production. C. diseconomies of scale. D. increasing marginal returns.
Total product divided by the total quantity of labor employed equals the
A) average product of labor. B) marginal product of labor. C) average total cost. D) average variable cost.