A characteristic of a modern economy is
A. self-sufficiency.
B. specialization and exchange.
C. a high percentage of people who make their living as jacks-of-all-trades.
D. a high proportion of people employed in agriculture.
B. specialization and exchange.
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________ regularly trade their own gain against others' lives
A) Corporations B) Governments C) Individual people D) all of the above
A patent is a government-imposed entry barrier because
A) it is a key input owned by the firm that is granted the patent. B) it allows a firm to achieve economies of scale. C) it gives a firm the exclusive right to a new product for a period of 20 years from the date the product is invented. D) it limits the quantity of a good that can be imported into a country.
The life-cycle pattern of income variation causes inequality in the distribution of annual income, but it does not necessarily represent
According to the textbook, the union wage premium for workers with the same amount of human capital is about ________.
A. 30 percent B. 20 percent C. 40 percent D. 10 percent