A society could achieve a higher level of production if ________.
A. each person in the society is a jack-of-all trades
B. it does not have taxes on imported goods
C. each person specializes according to their comparative advantage
D. it does not trade with other nations
Answer: C
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Alan Greenspan, former Chairman of the Federal Reserve, discussed the advantages of which kind of tax system, "particularly if one were designing a tax system from scratch"?
a. a progressive tax system b. a regressive tax system c. a consumption tax d. a lump-sum tax
A recent study of the determinants of wages for clerical staff at a state university found that years of schooling, years of experience, age and job characteristics only explained about one-half of the difference in wages. Describe other factors that may be important in explaining wages differences for clerical staff
Since the 1960s, SAT scores have been
A. falling. B. rising. C. stayed the same. D. none of these answer options are correct.
Using the above table, we see that when output is 4 units, average variable cost equals
A. $6.00. B. $3.50. C. $14.00. D. $24.00.