If every country specializes in what it produces best and then trades, more will be produced than if each country tries to produce everything for its own needs.
Answer the following statement true (T) or false (F)
True
Increased total world output occurs since trade allows each country to produce at a lower opportunity cost, boosting overall production and incomes.
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Human capital is acquired
A) only in school. B) only through on-the-job training. C) only through job experience. D) through schooling, job training, and experience. E) only at birth, that is, it's people's inborn talents.
The most important goal of the firm is to
A) maximize its revenues. B) maximize its sales volume. C) maximize its profits. D) minimize its costs.
To efficiently manage traffic on a system of bridges,
A. the more-crowded bridges should have lower tolls, so that they are affordable. B. the tolls should be equal for all bridges, so that people can choose the most convenient routes. C. tolls should be higher on more-crowded bridges and lower on less-crowded bridges. D. there should be no tolls on bridges, because people should not have to pay to drive to their jobs.
The civilian labor force includes those individuals who are
a. unemployed and looking for work. b. staying home to care for other family members. c. attending school and not working at a job. d. retired.