Joe's Pizza Shop only makes pizza. If each pizza requires five people, each of whom specializes in one task, this method of production is an example of
A) economies of scope.
B) team production.
C) economies of monitoring.
D) economies of coordination.
B
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The short-run aggregate supply curve would shift and the long-run aggregate supply curve would remain fixed if
A) there was a temporary shock that influenced the supply side. B) there was a permanent increase in aggregate demand along with a permanent decrease in aggregate supply. C) there was a permanent increase in aggregate demand. D) there was a temporary shock to aggregate demand.
To economists, the term utility refers to the
a. usefulness of a good in relation to its scarcity b. necessity of a good c. ratio of marginal utility of a good to its price d. quantity of goods a consumer has in reserve, meaning goods unconsumed e. benefit or satisfaction a consumer receives consuming a good
In the circular-flow diagram, which of the following items flows from households to firms through the markets for goods and services?
a. goods and services b. dollars paid to land, labor, and capital c. dollars spent on goods and services d. wages, rent, and profit
In the graph showing the Phillips curve after a negative supply shock, we can see that high energy prices in the late 1970s caused ______.
a. an increase in inflation rate and a decrease in unemployment rate
b. a decrease in inflation rate and an increase in unemployment rate
c. an increase in both inflation and unemployment rates
d. a decrease in both inflation and unemployment rates