Economies of scale arise when
a. an economy is self-sufficient in production.
b. individuals in a society are self-sufficient.
c. fixed costs are large relative to variable costs.
d. workers are able to specialize in a particular task.
d
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Suppose that when the price of hamburgers decreases, the Landry family decreases their purchases of chicken nuggets. To the Landry family
A) hamburgers and chicken nuggets are normal goods. B) hamburgers and chicken nuggets are inferior goods. C) hamburgers and chicken nuggets are substitutes. D) hamburgers and chicken nuggets are complements.
Which of the following types of expenditure is most likely NOT determined by an accelerator model?
A) consumer durable spending B) inventory investment C) residential housing construction D) consumer spending on food