Why specialize?
A) because assigning each worker a variety of tasks makes her more productive
B) It usually increases productivity.
C) to decrease our dependence on each other
D) There is no economic rationale for specialization.
B
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In the above table, the production of 3 pizzas and 80 cases of soda is
A) impossible unless more resources become available or technology improves. B) feasible but would involve unemployed or misallocated resources. C) possible only if the economy produces with maximum efficiency. D) possible only if there is inflation.
The U.S.—Colombia Trade Promotion Agreement was signed on November 22, 2006, in Washington, D.C. This comprehensive trade agreement eliminated tariffs and other barriers to goods and services
Colombia will immediately eliminate tariffs on wheat, barley, peanuts, and many other products in which Columbia does not have a comparative advantage. This policy means that the price of peanuts in Columbia will become A) equal to the free trade price. B) lower than the free trade price. C) higher than the price when a tariff was in place. D) higher than the free trade price.
If consumers paid the full price of medical services instead of using health insurance and third-party payers to cover part of the cost, the quantity of medical services provided would decrease
Indicate whether the statement is true or false
When a monopolist is able to sell its product at different prices to different customers, it is likely engaging in: a. quality-adjusted pricing. b. price discrimination
c. price differentiation. d. illegal activities.