Which of the following is most likely an example of specialization?
a. People work on an assembly line.
b. A restaurant divides up the task of serving meals into a range of jobs like top chef, sous
chefs, less-skilled kitchen help, and servers to wait on the tables.
c. Only those with medical degrees qualify to become doctors.
d. A family decides to grow their own crops.
c. Only those with medical degrees qualify to become doctors.
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A firm's average total cost is $100, its average variable cost is $90, and its total fixed cost is $1,000. Its output is
A) less than 70 units. B) between 70 and 120 units. C) between 120 and 170 units. D) more than 170 units.
If stock prices are expected to drop dramatically, then, other things equal, the demand for stocks will ________ and that of Treasury bills will ________
A) increase; increase B) increase; decrease C) decrease; decrease D) decrease; increase
The typical average cost curve
A. continually declines as output increases. B. is horizontal. C. continually increases as output increases. D. first declines to a minimum and then increases as output increases.
Which of the following statements does not apply to a market economy?
a. Firms decide whom to hire and what to produce. b. The "invisible hand" usually maximizes the income of society as a whole. c. Households decide which firms to work for and what to buy with their incomes. d. Government policies are the primary forces that guide the decisions of firms and households.