________ is the expansion of a firm into stages of production earlier or later than those in which it has specialized
a. Economies of scope
b. Vertical integration
c. Economies of scale
d. Bounded rationality
b
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Inflation results in
A) ease of planning for the future. B) ease of comparing prices over time. C) lower nominal interest rates. D) difficulty interpreting relative price movements.
An efficient way to move toward the Nash equilibrium is called:
a. an agreement. b. a convention. c. a principle. d. a resolution. e. a convergence.
Which of the following would shift the production function downward?
a. An improvement in technology b. A decrease in the interest rate c. An increase in number of workers d. An increase in the stock of human capital e. A decrease in the stock of physical capital
According to the quantity equation, the price level would change less than proportionately with a rise in the money supply if there were also
a. either a rise in output or a rise in velocity. b. either a rise in output or a fall in velocity. c. either a fall in output or a rise in velocity. d. either a fall in output or a fall in velocity.