ECO3704 Exam 1 Review Questions And Correct Detailed Answers.
4 views 0 purchase
Course
COM 3704
Institution
COM 3704
external scale economies - correct answer when the average cost of the typical firm declines as the output of the industry within a geographic area increases
internal scale economies - correct answer fi...
external scale economies - correct answer when the average cost of the
typical firm declines as the output of the industry within a geographic area increases
product differentiation - correct answer the process of distinguishing a
product or service from others, to make it more attractive to a particular target market.
constant returns to scale - correct answer when input use and total cost rise in
the same proportion as output increases
consumption effect - correct answer of the tariff shows the loss to the
consumers in the importing nation based on the reduction in their total consumption
one-dollar, one vote metric - correct answer every dollar of gain or loss is just
as important as every other dollar of gain or loss regardless of who the gainers or losers are
production effect - correct answer f the tariff is the amount by which the cost
of drawing domestic resources away from other uses exceeds the savings from not paying
terms of trade effect - correct answer
monopsony power - correct answer a nation has a large enough share of the
world market for one of its imports that changes in the country's import buying can noticeably affect the
world price of the product.
elasticity - correct answer measures the percent change in one variable
resulting from a 1 percent change in another variable
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller RealGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.