If a firm experiences economies of scale throughout, it will have a horizontal long-run average-total-cost curve
a. True
b. False
Indicate whether the statement is true or false
False
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An economic boom in the United States will tend to cause booms in other countries because as U.S. GDP rises, U.S
a. tariffs will automatically fall. b. exports will rise. c. imports will rise. d. exports will fall.
The law of diminishing marginal product shows the relationship
A. between inputs and outputs for a firm in the long run. B. between short-run and long-run outputs of a firm. C. between inputs and outputs for a firm in the short run. D. between accounting and economic profits.
The owners of the resource ________ are paid ________
A) land; wages B) labor; profit C) capital; rent D) capital; interest E) entrepreneurship; wages
Who is considered to be the most powerful person in the economic world by many observers?
a. Federal Reserve Chair b. EU Central Bank President c. Director-General of the WTO d. World Bank President