The ability to use one resource to provide different products and services is
A) economies of scale.
B) economies of scope.
C) diversification.
D) vertical integration.
B
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Under the deficiency payments system, which was used to subsidize grain production?
a. the government purchased all surplus grain and destroys it. b. deficiency payments were increased when farmers cultivated their land more intensively. c. farmers were required to reduce cultivated acreage by 10 percent. d. farmers had a greater incentive to engage in beneficial crop rotation.
Other things being equal, a decreased supply of natural resources would be represented on a production possibilities curve by a(n):
a. movement off the curve to a point inside the curve. b. movement down along the curve. c. movement up along the curve. d. inward shift of the entire curve.
You know that a candy bar costs sixty cents today. You also know the CPI for 1962 and the CPI for today. Which of the following would you use to compute the price of the candy bar in 1962 prices?
a. sixty cents (today's CPI - 1962 CPI) b. sixty cents (1962 CPI - today's CPI) c. sixty cents (today's CPI / 1962 CPI) d. sixty cents (1962 CPI / today's CPI)
Which of the following products will be sold by a differentiated oligopoly?
a. Automobiles b. Dairy products c. An ingot of steel d. A barrel of oil