Specialization and exchange
A. creates benefits for both individuals and nations.
B. does NOT particularly benefit either individuals or nations.
C. can benefit individuals but not nations.
D. can benefit nations but not individuals.
A. creates benefits for both individuals and nations.
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Federal Reserve districts
A) conform to state boundaries. B) group together economically similar states. C) have equal populations. D) cut across state and economic boundaries.
Given total cost and the quantity of output, marginal cost and average cost can be determined.
Answer the following statement true (T) or false (F)
Adverse selection refers to when:
A. one party to a transaction has more information than the other and this results in a bargaining dispute. B. one party selects the wrong strategy and they are displeased with their selection. C. one party to a transaction has more information than the other and transactions occur less frequently due to the information asymmetry. D. neither party is willing to be party to a transaction because they don’t have enough information.
In order to acquire more of a good we must sacrifice production of another good, because resources are in limited supply. This illustrates the concept of: a. the division of labor. b. ceteris paribus
c. opportunity cost. d. specialization.