The "minimum efficient scale" of operation in an industry is defined as:
A) the smallest plant size that can be operated by firms in the industry.
B) the scale of operation at which economies of scale are exhausted.
C) the smallest number of firms that could effectively meet demand for an industry's output.
D) the scale of operation by firms in an industry that is least efficient.
B
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QE3 followed QE2 and Operation Twist. Which of the following best explains how QE3 differed from the other two in order to make it more effective?
A. QE3 promised a much larger expansion of reserves. B. QE3 gave a much stronger forward commitment as to when the policy would be complete. C. QE3 carried much more force in getting banks to lend reserves. D. QE3's completion was tied to economic objectives, rather than specific dates.
The fastest growing economy between 1870 and 1979 was
A. the United Kingdom. B. the United States. C. Japan. D. Brazil.