Generally, specialization leads to
A. reductions in people's skill levels.
B. greater productivity.
C. constant opportunity costs.
D. greater self-reliance.
Answer: B
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According to the table shown, what can be said about the cost of living in 2010?
A. It was lower than in the base year.
B. People experienced a decrease in the cost of living because the CPI is less than 100.
C. People experienced an increase in the cost of living because the CPI isn't over 100.
D. There must have been a recession because the CPI is less than 100.
Which of the following would be included in the expenditures approach to calculating U.S. GDP?
a. Wage and salary payments to U.S. workers b. Interest paid on borrowed funds c. Government payments of social security benefits d. Purchases of new trucks by Federal Express e. Wage payments to U.S. citizens working outside the U.S.
In markets characterized by oligopoly,
a. the oligopolists earn the highest profit when they cooperate and behave like a monopolist. b. collusive agreements will always prevail. c. collective profits are always lower with cartel arrangements than they are without cartel arrangements. d. pursuit of self-interest by profit-maximizing firms always maximizes collective profits in the market.
When quantity demanded is greater than quantity supplied
A. price will fall to its equilibrium price. B. price will rise to its equilibrium price. C. price may rise, fall, or stay the same, depending on a variety of factors.