"When the cost of producing a unit of a good falls because the firm uses specialized resources to produce a range of goods and services" is the definition of
A) economies of scope.
B) economies of scale.
C) economic efficiency.
D) technological efficiency.
A
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Suppose the exchange rate between the U.S. dollar and the Jamaican dollar was $1 U.S. = $40 Jamaican dollars. A beach towel sells for $20 in Miami and $60 Jamaican in Negril
A) Purchasing power parity does not prevail with these prices. B) The U.S. dollar would be expected to depreciate. C) The Jamaican dollar would be expected to appreciate. D) All of the above are correct.
Suppose only 7 percent of Turkey's products go to the United States. Hence, an increase in U.S. imports from Turkey:
a. would have no significant effect on Turkey's domestic income. b. would significantly increase Turkey's domestic income. c. would significantly decrease Turkey's domestic income. d. would significantly increase U.S. domestic income. e. would significantly decrease U.S. domestic income.
The burden of the internal portion of the debt is incurred
A. Solely by the U.S. government. B. When the debt comes due. C. When the debt-financed activity takes place. D. None of the choices are correct.
Which of the following is an example of a company "offshoring" part of the production of a service?
A. Technicians overseas reading X-rays taken in the United States B. Foreign students studying at American universities C. Scissors for haircuts being produced in China D. An American traveler getting a tattoo while in Germany