Specialization in production is beneficial because

a. it allows everyone to have a job that they like.
b. it permits people to expand production and achieve rates of output that would otherwise be unattainable.
c. it allows everyone to be self-sufficient.
d. it eliminates the need for the division of labor.


B

Economics

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The first fundamental theorem of welfare economics states that

A) under certain conditions, a competitive equilibrium is Pareto optimal. B) a competitive equilibrium is always Pareto optimal. C) under certain conditions, a Pareto optimum is a competitive equilibrium. D) a Pareto optimum is always a competitive equilibrium.

Economics

Karl Marx believed that the entrepreneur derived his profit from __________________.

Fill in the blank(s) with the appropriate word(s).

Economics

An elasticity of 0.75 means that a 1% change in price will lead to a ____% change in quantity demanded.

A. 0.25 B. 0.75 C. 2.5 D. 7.5

Economics

If 1 dollar is equal to 5 Swedish kroner, the dollar price of a kroner is

A. $.20. B. $1.20. C. $.50. D. $.05.

Economics