Specialization in production is beneficial because
What will be an ideal response?
it permits people to expand production and achieve rates of output that would otherwise be unattainable
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Which of the following resources is not essential in the production of a typical cheese pizza?
A) Dough B) Sauce C) Heat D) Fodder for cows E) Trick question: all of the above are essential.
The table above shows the marginal costs and marginal benefits of college education. If the market for college education is perfectly competitive and unregulated, at the equilibrium quantity, the marginal social benefit is
A) zero. B) $14,000. C) $19,000. D) $16,000.
Which of the following is the best example of a normative economic statement?
a. A rise in gasoline prices will cause gasoline purchases to fall. b. The federal government should spend more on health care. c. Raising the minimum wage will result in greater unemployment. d. If more money is printed, then the economy's price level will rise.
In the long run, a decrease in money supply, with the velocity of money stable or not decreasing, results in inflation
Indicate whether the statement is true or false