An increase in the labor force shifts the production possibility frontier inwards over time.
Indicate whether the statement is true or false.
Answer: False.
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If Quick Auto Service increases the size of its shop, enabling it to purchase cost-saving capital equipment so that the cost of servicing a car falls, this would be an example of
A) economies of scope. B) economies of scale. C) monitoring. D) increasing transactions costs.
In a market economy, the use of resources is determined primarily by
a. needs of people. b. consumer demand. c. decisions of management. d. government regulation.
Ceteris paribus, if more alternative forms of energy become available, we would expect the demand for gasoline to become:
A. more elastic. B. more inelastic. C. perfectly elastic. D. perfectly inelastic.
One reason the aggregate demand curve is downward sloping is because of the
A) interest rate effect. B) tariff effect. C) welfare effect. D) price effect.