Economies of scale exist when the ________ a unit of a good ________
A) average cost of producing; falls as its output rate increases
B) price; falls as its input rate decreases
C) price; rises as its output rate increases
D) average cost of producing; rises as its input rate increases
A
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Suppose the working age population in Tiny Town is 100 people. If 25 of these people are NOT in the labor force, the ________ equals ________
A) unemployment rate; 25/100 × 100 B) unemployment rate; 25/75 × 100 C) labor force; 75 D) labor force; 25/100 × 100
A recession is commonly defined as a period with
A) negative growth rate in real GDP that lasts at least one quarter. B) positive growth rate in real GDP that lasts at least one quarter. C) positive growth rate in real GDP that lasts at least two quarters. D) negative growth rate in real GDP that lasts at least two quarters.