Which of the following best describes the reason why the division of labor allows individuals and firms to specialize and produce more?
a. It reduces the need for more workers.
b. It limits the need for economies of scale.
c. It allows individuals and firms to focus on areas of disadvantage due to natural factors and
skill levels.
d. It allows individuals and firms to take advantage of economies of scale.
d. It allows individuals and firms to take advantage of economies of scale.
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Which of the following is likely to happen if the government imposes a tariff?
A) Domestic producers will be worse off. B) Domestic producers will face higher foreign competition. C) Domestic producers will face fewer foreign competitors. D) Domestic consumers will be better off.
The early Phillips curve showed a trade-off between unemployment and inflation because it was drawn for a period in which the main source of instability was aggregate demand
a. True b. False Indicate whether the statement is true or false
When transactions costs are low, private actions to correct externalities are usually feasible
a. True b. False
Economies of scopeare savings acquired by
A. producing many goods simultaneously. B. producing enough of one good to reach the minimum efficient scale of production. C. selling one product at a loss but selling other products at a profit. D. decreasing the regulation of an industry.