People will choose to specialize and trade if they can acquire the goods they want:
A. from a capitalistic system of exchange.
B. from someone who is willing to trade with them.
C. at a lower cost than it would cost them to make the goods themselves.
D. at a higher cost than it would cost them to make the goods themselves.
Answer: C
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Which of the following is not part of the investment component of GDP?
a. residential construction b. plant, equipment, and software c. net imports d. business structures
A tax system that applies a lower marginal tax rate at higher levels of income is
A. regressive. B. flat. C. progressive. D. proportional.
Uncertainty and speculation are microeconomic consequences of inflation.
Answer the following statement true (T) or false (F)
The unconstrained supply of labor refers to the amount a household ________ within a given period at the current wage rate if it could find the work.
A. chooses not to work B. would like to work C. actually works D. is forced to work