Which of the following provides the best explanation for diseconomies of scale?
A. Reduced monitoring costs
B. The presence of fixed inputs
C. Indivisible setup costs
D. Loss of team spirit
Answer: D
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Assume that there is rent control in Chicago. Which of the following is true?
A) All consumers in the rental market will benefit because the rent will be lower. B) The total surplus will fall because there will be a shortage of apartments. C) The total surplus will rise because consumer surplus will increase. D) Consumer surplus will increase and as a result all consumers in the rental market will benefit.
To determine whether the goal of stable prices is being achieved, the Federal Reserve monitors the ________; to determine whether the goal of maximum employment is being achieved, the Federal Reserve monitors ________
A) GDP price deflator; real GDP B) core PCE deflator inflation rate; the output gap C) core CPI inflation rate; the natural unemployment rate D) CPI; the gap between nominal GDP and real GDP E) core GDP deflator inflation rate; the natural unemployment rate
The "quantity demanded" of any good or service is ________ during a specified time period and at a specified price
A) the amount people are willing to buy B) the amount people are able to buy C) the amount people are willing and able to offer D) the amount people are willing and able to buy E) the amount people are willing to buy because it is the amount sellers are willing to sell
Refer to Figure 19-10. Under the Bretton Woods System of exchange rates, if the par exchange rate was $4 per pound in the figure above, then which of the following is true?
A) The Bank of England would have to buy 0.7 million pounds per day with dollars. B) The par exchange rate is below the equilibrium rate, causing a shortage of domestic currency. C) There is a shortage of pounds equal to 0.7 million. D) The Bank of England would have to sell 0.7 million pounds per day in exchange for dollars.