Which of the following industries would be considered to have a labor intensive production process?
A. Farming in a rich country
B. Working in a factory.
C. Driving a cab.
D. Writing a novel
D. Writing a novel
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Which of the following is NOT true when there are large economies of scale such that one firm can produce at a lower average cost than can be achieved by multiple firms?
A) This situation produces a natural monopoly. B) Proportional increases in output yield proportionally small increases in total cost. C) The long-run average cost curve of the firm will increase at a low level of output. D) There will only be one firm in this industry.
Automatic stabilizers stabilize the level of real GDP because:
A. Congress quickly passes laws that change spending and tax revenue. B. federal expenditures and tax revenues change as the level of real GDP changes. C. the spending and tax multiplier are constant. D. wages are controlled by the minimum wage law.