The concept of _________________ means that as the measure of output goes up, average costs of production decline-at least up to a point.

Excluding household and underground production leads to

A) underestimation of real GDP but not nominal GDP. B) overestimation of real GDP but not nominal GDP. C) overestimation of both real GDP and nominal GDP. D) underestimation of both real GDP and nominal GDP. E) underestimation of real GDP an overestimation of nominal GDP.

"When the cost of producing a unit of a good falls because the firm uses specialized resources to produce a range of goods and services" is the definition of

A) economies of scope. B) economies of scale. C) economic efficiency. D) technological efficiency.