The benefits of specialization can be used to explain why:
A. machines are more productive than human workers.
B. individuals and nations benefit from trade.
C. big companies take advantage of smaller ones.
D. workers prefer to work on a variety of tasks during the day.
Answer: B
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Indicate whether the statement is true or false
A monopolist produces where P = MC = MR
a. True b. False Indicate whether the statement is true or false
In order to pass any fiscal policy measure we need a
A. two-thirds vote in both houses of Congress and the bill signed by the President. B. a majority vote in both houses of Congress and the bill signed by the President. C. a two-thirds vote in either house. D. a majority vote in either house.
Information problems create inefficient outcomes in:
A. the private sector but not the public sector. B. the public sector but not the private sector. C. neither the private nor the public sector. D. both the private and the public sectors.