Quick Auto Service will do oil changes. If each oil change is done by five people, each of whom specializes in one task, this is an example of
A) economies of scope.
B) team production.
C) economies of monitoring.
D) economies of coordination.
B
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Government antitrust laws were designed to
a. encourage the production of public goods b. prevent natural monopolies c. prevent collusion among firms d. regulate natural monopolies e. correct the outcomes of positive and negative externalities in private markets
Which is the most accurate statement?
A. The federal minimum hour wage rate puts millions of Americans above the poverty line. B. Most black families live below the poverty line. C. In 2008 the poverty rate was higher than it was in 2006. D. Welfare Reform basically eliminated poverty as a major socioeconomic problem.
The federal funds rate is the interest rate that
a. banks charge one another for loans. b. banks charge the Fed for loans. c. the Fed charges banks for loans. d. the Fed charges Congress for loans.
A firm is currently producing 10 units of output; marginal cost is $24 and average total cost is $6 at this level of output. The average total cost at 9 units of output is:
A. $5 B. $6 C. $4 D. $8 E. none of the above