Adam Smith's example of the pin factory demonstrates that economies of scale result from specialization
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
The unemployment rate can increase when
A) the proportion of 18-22 year olds that go to college increases. B) the number of unemployed workers increases. C) the number of job finders increases. D) the size of the military increases.
Graphically, economies to scale are illustrated by
A) a downward sloping long-run average cost curve. B) a horizontal long-run average cost curve. C) an upward sloping long-run average cost curve. D) a long-run average cost curve that is shaped like an upside down U.
The extra benefit associated with producing or consuming the next unit is called the:
A. economic benefit. B. marginal benefit. C. revenue product. D. spillover.