Specialization and the division of labor typically result in
A) cost overruns.
B) increased output.
C) decreased output.
D) a greater reliance upon imports.
B
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If both demand and supply increase, but demand increases more than supply,
a. equilibrium price will fall. b. equilibrium price will rise. c. quantity sold will decrease. d. both the equilibrium price will fall and the quantity sold will decrease.
An equilibrium price is unaffected by nonprice factors
a. True b. False Indicate whether the statement is true or false
It is possible to increase our consumption of a clean environment without giving up anything
a. True b. False Indicate whether the statement is true or false
The nation of Wheatland forbids international trade. In Wheatland, you can buy 1 pound of corn for 3 pounds of fish. In other countries, you can buy 1 pound of corn for 2 pounds of fish. These facts indicate that
a. Wheatland has a comparative advantage, relative to other countries, in producing corn. b. other countries have a comparative advantage, relative to Wheatland, in producing fish. c. the price of fish in Wheatland exceeds the world price of fish. d. if Wheatland were to allow trade, it would import corn.