Refer to the figure above. If Lithasia does not engage in international trade, what is the domestic production of pens?
A) 0 units
B) 6 units
C) 12 units
D) 16 units
C
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When Fatz confectionery can lower the cost of manufacturing and packaging a pound of candy by doubling the quantity manufactured and packaged each day, it will achieve
A) economies of scope. B) economies of scale. C) economies of team production. D) all of the above
Economic growth can be thought of as
A. a decrease in the price level. B. an increase in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in the price level.
A monopolist is producing at an output level at which MR = $9 and MC = $8. It could increase profits
A) by increasing both output and price. B) by reducing output and by increasing price. C) by reducing both output and price. D) by increasing output and by reducing price.
Refer to the below table. If output increases by 8% from Year 5 to Year 6, then in that period
A.
Real GDP will rise faster than nominal GDP
B.
Real GDP will rise slower than nominal GDP
C.
Nominal GDP will decrease
D.
Real GDP will decrease