If a firm experiences economies of scope,
a. its average cost falls as it increases output
b. its average cost rises as it increases output
c. average production costs fall when it produces more than one kind of product
d. it should integrate vertically
e. average production costs rise as it produces more kinds of products
Question 2
Under the initial Bretton Woods system,
a. foreign currencies could be converted into U.S. dollars, which could be redeemed for gold at a rate determined by supply and demand
b. foreign currencies could be converted into U.S. dollars, which could be redeemed for gold at a rate of 35 per ounce
c. foreign currencies could be converted into gold at a rate determined by supply and demand
d. foreign currencies could be converted into gold at a rate of 35 per ounce
e. gold was the international medium of exchange
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