The concept of _________________ means that as the measure of output goes up, average costs of production decline-at least up to a point.
a. relative advantage
b. economies of scale
c. absolute advantage
d. comparative advantage
Answer: b. economies of scale
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The household survey asks adults about their employment status and is used to compile the monthly unemployment rate
Indicate whether the statement is true or false
Some examples of unconventional monetary policies are massive lending as the lender of last resort and large-scale purchases of atypical assets.
Answer the following statement true (T) or false (F)
If people took external costs like pollution into consideration, they would on net:
A. not change their behavior to consume more or less of the goods causing externalities. B. consume less of the goods causing these externalities. C. consume a socially non-optimal amount of the goods causing the externalities. D. consume more of the goods causing these externalities.
Under a flexible exchange rate system, an increase in the value of a domestic currency in terms of other currencies is referred to as
A. a revaluation. B. a depreciation. C. a devaluation. D. an appreciation.