Which of the following events would produce an upward shift in the consumption function, other things being equal?
a. An increase in consumer wealth.
b. A decrease in consumer wealth.
c. A decrease in autonomous consumption.
d. None of these.
a
Economics
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According to the theory of comparative advantage; a good should be produced in that nation where
A. the production possibilities line lies further to the right than the trading possibilities line. B. its cost is least in terms of alternative goods that might otherwise be produced. C. its absolute cost in terms of real resources used is least. D. its absolute money cost of production is least.
Economics
______ refers to the output level at which average cost is lowest.
A. Interior solution B. Economies of scope C. Economies of scale D. Efficient scale of production
Economics