Regarding specialization, it is generally true that:
A. more specialization is always better.
B. less specialization is always better.
C. more specialization is always worse.
D. specialization imposes costs as well as benefits.
Answer: D
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Refer to the figure below. In this game, the dominated strategy for Player A: 
A. will depend on Player B's move. B. is to play down. C. is to play up. D. is to cooperate with Player B.
In 1862, the Homestead Act made land available to farmers at zero cost. Yet many farmers preferred to purchase land along the rail line from the railroad. The farmers
a. were duped by the railroads. b. knew the soil was better near the railroads. c. realized that crops would be less costly to grow and transport on land near the railroads. d. were exploited by the railroads.
Suppose Bev's Bags makes two kinds of handbags-large and small. Bev rents an industrial space where she keeps the fabric, the industrial sewing machine, her measuring board and cutting shears, extra needles, thread and buttons, and labels. Bev can produce three bags an hour, regardless of the size of bag. Which of the following would be considered a fixed cost of this company?
A. The sewing thread B. The fabric C. The rent Bev pays D. None of these would be considered a fixed cost.
In the financial crisis that started in 2006, a significant indicator of the U.S. economic decline was:
A. a significant drop in interest rates. B. a sharp increase in unregulated Ponzi-type security sales. C. rising defaults by subprime mortgage borrowers. D. a large increase in loan default due to unemployment.