Which of the following is not a source of economies of scale?
A. Learning-by-doing.
B. Labor specialization.
C. Use of larger machines.
D. Inelastic resource supply curves.
Answer: D
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The U.S. economy has seen a faster increase in productivity since the mid-1990s as compared to the economies of many Western European countries. Which of the following explains this?
A) The United States has a higher rate of job mobility than do many Western European countries. B) U.S. unions impose stricter work rules as compared to unions in Western European countries. C) U.S. government regulations impose stricter work rules as compared to government regulations in Western Europe. D) U.S. workers can obtain unemployment insurance for a longer period of time as compared to workers in most Western European countries.
In the textbook model of endogenous growth, long-run output growth would decline if there were either a ________ in the saving rate or a ________ in the depreciation rate
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
As the volume of waste decreases (holding the amount of paper produced constant), the production cost per ton of paper increases at a decreasing rate because the firm must use increasingly sophisticated abatement equipment to decrease the volume of waste.
Answer the following statement true (T) or false (F)
For a monopolist:
a. price equals average total cost. b. price is above marginal revenue. c. marginal revenue equals zero. d. marginal cost equals zero. e. average total cost equals marginal cost.