A food truck operator originally produced hamburgers and hotdogs. To serve the tastes of their various customers, the hot dog vendor decides to start producing turkey dogs and ham sandwiches as well. Since the new products were introduced, average costs rose dramatically. The vendor is experiencing
a. Economies of scale
b. Economies of scope
c. Diseconomies of scale
d. Diseconomies of scope
d
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The two sources that contribute roughly 80 percent together of total tax revenues are:
A. personal income tax and payroll tax. B. personal income tax and corporate income tax. C. corporate income tax and payroll tax. D. personal income tax and excise tax.
The principal argument against comparable worth is that the demand and supply of labor in the labor market allocates workers to where they are needed the most
a. True b. False Indicate whether the statement is true or false
Consider the following combinations of guns and butter that can be produced: 0 guns, 20,000 units of butter; 5,000 guns, 15,000 units of butter; 10,000 guns, 10,000 units of butter; 15,000 guns, 5,000 units of butter; 20,000 guns, 0 units of butter. The PPF between guns and butter is
A) a downward-sloping bowed-out curve. B) a downward-sloping straight line. C) an upward-sloping straight line. D) It is impossible to answer this question without knowing which good would be plotted on the vertical axis.
Most economists believe that the infant industry argument for protection, though theoretically justified, often keeps firms from becoming more competitive.
Answer the following statement true (T) or false (F)