________ refers to reductions in a firm's costs that result from an increase in the size of an industry
A) Internal economies
B) External economies
C) Autarkial dominance
D) Streamlining
Answer: B
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Investing in additional education and _________ are more likely to result in accumulating sufficient personal wealth to be able to retire relatively comfortably, but these require effort, patience, and sacrifice.
a. accurately predicting the market b. investing in gold and other precious metals c. investing in random walk bonds d. starting to save early in life
Unlike national income, personal income
a. includes retained earnings, indirect business taxes, corporate income taxes and social insurance contributions, and excludes interest and transfer payments received by households from the government. b. excludes retained earnings, indirect business taxes corporate income taxes, social insurance contributions and interest and transfer payments received by households from the government. c. excludes retained earnings, indirect business taxes, corporate income taxes and social insurance contributions, and includes interest and transfer payments received by households from the government. d. includes retained earnings, indirect business taxes, corporate income taxes, social insurance contributions, and interest and transfer payments received by households from the government.
The Law of Diminishing Marginal Utility suggests that
A. when you consume more, you are less happy. B. the more you consume, the less extra enjoyment you get out of each additional unit. C. when you consume more, society is less well off. D. when prices are higher, you buy more.
Positive statements:
A) imply value judgments must be made. B) are factual and can be tested. C) deal with what ought to be. D) are dealt with primarily in microeconomics.