World output of goods and services increases with specialization because
A. The world's workers are more educated than before specialization.
B. Each country's workers are willing to work harder than they did before specialization.
C. Each country's production possibilities curve shifts rightward.
D. The world's resources are being used more efficiently.
Answer: D
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Answer the following statements true (T) or false (F)
Economies cannot function without money. The amount of national income in an economy equals the money supply in an economy. Liquidity increases as we move from the M1 to the M2 definition of the money supply. If gold is used as money in an economy, the money supply is easy to control. Commodity money can be used only as a medium of exchange.
When competing power blocs exist within an oligopolistic industry,
a. concentration ratios are low b. the laissez-faire approach can be justified c. prices are higher than under monopoly d. nationalization is necessary e. contestable markets exist by definition
An increase in price causes an increase in total revenue when demand is
a. elastic. b. inelastic. c. unit elastic. d. All of the above are possible.
The 1974-1975 recession was a result of a:
A) supply shock that caused a leftward shift of the LRAS curve B) supply shock that caused a leftward shift of the SRAS curve C) housing bubble collapse that caused a leftward shift of the aggregate demand curve