Division of labor has caused output to rise dramatically since the industrial revolution.
Answer the following statement true (T) or false (F)
True
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Refer to Sales Tax. After the tax is imposed, social gain is equal to
The following questions refer to the accompanying diagram which shows the effects of a sales tax imposed on consumers. The initial price and quantity are P0 and Q0, respectively. After the tax is imposed, the equilibrium quantity is Q1, firms receive the price Ps, and consumers pay the price Pd.
a. area A + D + E + G + H + J.
b. area B + C + F + I - J.
c. area A + B + C + D + E + F + G + H + I.
d. area A + B + C + D + F + G + I.
The money demand curve will shift to the left if:
A. the price level increases. B. the nominal interest rate increases. C. the nominal interest rate decreases. D. real income decreases.
Generally, negative externalities result in
A. too much of a good being produced. B. the socially optimal output of a good being produced. C. too little of a good being produced. D. either a or c E. any of the above
Who is the classical economist credited with developing the principle of comparative advantage?
a. David Ricardo b. John Maynard Keynes c. Adam Smith d. Milton Friedman