Diseconomies of scale are present when the long run average total cost of production declines as output expands
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
The purchasing power of one dollar is equal to _____
a. real GDP divided by nominal GDP b. nominal GDP divided by real GDP c. 1 minus the average price level d. the reciprocal of the average price level e. the implicit GDP deflator divided by the CPI
If two countries have production possibilities curves with different slopes, there is no possibility for gains from trade
a. True b. False Indicate whether the statement is true or false
The creation of the European Union is an example of Hayek's:
a. Human action b. Human design c. Spontaneous disorder d. None of the above
Real GDP
A. is GDP adjusted for changes in the price level. B. is also called nominal GDP. C. measures GDP minus depreciation of capital. D. will always change when prices change.