Which of the following reflects diseconomies of scale?
a. Marginal product decreases as output increases.
b. Short-run marginal cost increases as output increases.
c. Long-run marginal cost increases as output increases.
d. Short-run average cost increases as output increases.
e. As output doubles, long-run total cost more than doubles.
E
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Which of the following is true of a duopoly with differentiated products?
A) A firm loses all its customers when its rival lowers the price of its product. B) A firm does not lose all its customers when its rival lowers the price of its product. C) A firm faces a perfectly elastic demand curve. D) A firm faces a perfectly inelastic demand curve.
If the U.S. dollar appreciates in value relative to foreign currencies, then this will:
A. cause a movement downward along the aggregate demand curve. B. cause a movement upward along the aggregate demand curve. C. increase aggregate demand. D. decrease aggregate demand.
Recall the Application about intellectual property in GDP accounts to answer the following question(s).According to the Application, prior to 2013, which of the following was counted as intermediate inputs in our GDP accounts?
A. research and development B. software development C. new artistic work D. All of these are correct.
Two countries have equal population. These countries will have equal income per capita in a particular year if ________
A) the countries have equal inflation rate in that year B) the GDP of both the countries are equal in that year C) equal amounts of capital are available in both the countries in that year D) the size of the working age population in both the countries are equal in that year