Total output in an economy increases when each person specializes because
a. there is less competition for the same resources.
b. each person spends more time producing that product in which he or she has a comparative advantage.
c. a wider variety of products will be produced within each country due to specialization.
d. government necessarily plays a larger role in the economy due to specialization.
b
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Consider the above figure. Autonomous consumption, in this scenario, is equal to
A) $30. B) $80. C) $60. D) $40.
The Temporary Assistance for Needy Families (TANF) program _____.
(A) Provides benefits to a family for ten years. (B) Can only provide jobs for individuals in an enterprise zone. (C) Only provides cash assistance to poor families. (D) Provides work in exchange for temporary assistance.
Requiring new 16-year-old teenage male drivers to pay more for auto insurance than their 16-year-old female counterparts is an example of
A. adverse impact discrimination. B. comprehensive discrimination. C. statistical discrimination. D. disparate treatment discrimination.
Two-dimensional graphs have a horizontal and a vertical axis and are used in economics to illustrate
A) relationships between two economic variables. B) a pie chart. C) a flow chart. D) one variable.