Based on the figure above, as a result of international trade, U.S. domestic production ________ million T-shirts per year
A) decreases by 20
B) decreases by 10
C) increases by 40
D) increases by 20
E) increases by 10
A
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Specialized task assignment's greatest cost is ignoring the foregone ________ across tasks.
A. lower cross-training costs B. complementarities C. flexibility D. comparative advantage
Problems are most likely to arise when:
A. one person knows more than another. B. both parties lack the same information. C. people have good enough information to make acceptable choices. D. complete information is impossible to obtain.
“Market forces” consist of ______.
a. government agencies b. thousands of consumers c. thousands of producers and government agencies d. millions of producers and consumers
Classical economists believed that
A. if saving exceeded investment, prices and interest rates would rise as business accumulated unwanted inventories. B. flexible prices and wages could not restore an economy to full employment if the interest rate were rigid. C. flexible interest rates, wages, and prices would assure full employment. D. voluntary unemployment reflected economic inefficiency.