Division of labor increases the output of society by
A. ensuring that people are happier in performing their work.
B. eliminating scarcity.
C. reducing the choices people have to make to a more manageable number.
D. allowing resources to specialize in the tasks for which they have a comparative advantage.
Answer: D
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If a particular choice that an individual faces gives him a benefit of $20 but costs $30, the net benefit from making this choice equals:
A) $20. B) $10. C) -$10. D) -$30.
Federal government purchases, as a percentage of GDP,
A) have fallen since the early 1950s. B) have risen since the early 1950s. C) have remained roughly the same since the early 1950s. D) rose from the early 1950s until the mid 1980s, and then fell.
The Malthusian prospect of starvation of the population could be prevented by: a. increasing the amount of land available for agriculture
b. investing in research and development of new technologies. c. expanding food production on available land. d. all of the above
Who receives income from capital in the United States?
a. bank depositors b. bondholders c. stockholders d. All of the above are correct.