International specialization and trade:
A. Has to be done on a barter system
B. Often requires the exchange of currencies
C. Does not illustrate the division of labor
D. Requires active government regulation
Answer: B
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There is a significant positive relationship between ________ and __________
a. natural resource commodity exports, high levels of per capita GDP b. investment in capital, high levels of per capita GDP c. high levels of illiteracy, high levels of per capita GDP d. limited government recognition of land tenure and property ownership, high levels of per capita GDP
After the price of Revlon nail polish increased, Jen stopped buying Revlon nail polish and started buying a cheaper brand of nail polish instead. This is called:
A. the income effect of a price change. B. a decrease in the seller's reservation price. C. a decrease in the buyer's reservation price. D. the substitution effect of a price change.
Refer to Table 8.2. If Sherry produces zero earrings, her total fixed costs are A) $0. B) $50. C) $100. D) indeterminate from this information.
In the housing market, rents serve the purpose of
A. providing an entry by the government into the housing market. B. rationing the availability of existing housing. C. making landlords rich. D. increasing tax collections by the community.