Assume that a firm's production process is subject to increasing returns to scale over a broad range of outputs. Long-run average costs over this output will tend to

In the United States, domestic investment is greater than national saving

Indicate whether the statement is true or false

The difference between mercantilism and feudalism is that under mercantilism:

A. the invisible hand played a more important role than the government. B. nation-states ruled by kings who coordinated the economic activity emerged. C. economic rather than social and political forces made the central economic decisions. D. merchants played a more important political role than kings.