When a product transformation curve is bowed outward, there are ________ in production
A) economies of scope
B) economies of scale
C) diseconomies of scope
D) diseconomies of scale
E) none of the above
A
Economics
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Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. If these two countries specialize and trade according to their comparative advantage
A. all individuals in both countries will benefit. B. Greece will specialize in and export cars. C. Germany will produce more cars than in the absence of trade. D. Germany will produce more fish than in the absence of trade.
Economics
Why do wage increases along with increases of other input prices impact the short-run aggregate supply but not the long-run aggregate supply, unless they reflect permanent reductions in the supply of those inputs?
Economics