Describe two types of specialization in production
Please provide the best answer for the statement.
Specialization may be of the human form with division of labor where different workers perform different production tasks; or it may be geographic specialization where some goods and services are produced in certain regions and others are produced in other areas.
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An increase in Mexican incomes will have what effect on the foreign exchange market for Mexican pesos?
a. shift demand to the left b. shift demand to the right c. no effect d. shift supply to the left e. shift supply to the right
Market power and externalities are two possible causes of market failure
a. True b. False Indicate whether the statement is true or false
What happens at a firm's point of saturation?
A) For the first time, hiring an additional worker decreases total product. B) Workers cannot take on any additional tasks without working overtime hours. C) The market for a firm's output has been saturated and sales fall to zero. D) The firm's total costs exceed its revenues.
Ron spends $150 on movie tickets and pizza. The price of a pizza is $10 and a movie ticket is $7.50
With the quantity of movies measured along the vertical axis, the slope of Ron's budget line (with movies on the vertical axis) is ________ per pizza A) 1.33 movies B) -1.33 movies C) 0.75 of a movie D) -0.75 of a movie