____ Refers to Unit Cost Increases Associated with a Large

question 24

Multiple Choice

____ refers to unit cost increases associated with a large scale of output.

• A) Economies of scale
• B) Learning effects
• C) Diseconomies of scale
• D) Flexible manufacturing
• E) Mass customization

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Definitions:

Unemployment Rate

The statistic representing the percentage of the labor force that is out of work but seeking employment.

World War II

A global conflict lasting from 1939 to 1945, involving most of the world's nations including all of the great powers, eventually forming two opposing military alliances: the Allies and the Axis.

Social System

A complex set of human relationships interacting in many ways within a community or society.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.