After 2 years of operation, the workers in XYZ Co become more adept because of their repeating work. As a result, the average cost of production is lowered due to
A) economies of scale.
B) increasing returns to scale.
C) increasing marginal returns.
D) learning by doing.
D
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In the period 1980-92, United States net national saving fell due to
A) large budget deficits and an increase in private saving. B) small budget deficits and a decrease in private saving. C) small budget deficits and an increase in private saving. D) large budget deficits and a decrease in private saving.
If the economy is initially at long-run equilibrium and aggregate demand declines, then in the long run the price level
a. and output are higher than in the original long-run equilibrium. b. and output are lower than in the original long-run equilibrium. c. is lower and output is the same as the original long-run equilibrium. d. is the same and output is lower than in the original long-run equilibrium.
According to the classical theory, the aggregate supply curve is
A. downward sloping. B. upward sloping. C. horizontal. D. vertical.
Which of the following is concerned with social regulation?
A. Federal Reserve Board B. Food and Drug Administration C. Sherman Commission D. Better Business Bureau