Specialization is beneficial:
A. At the individual firm level, but not at the national and international levels
B. At the individual, regional, and even international levels
C. Only if there are differences in the abilities of resources
D. Only as long as money and capital goods are employed
Answer: B
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Differentiate between the two types of altruism
What will be an ideal response?
A minimum wage ________
A) is a price ceiling in the labor market B) changes the demand for labor. C) is an effective way of increasing employment D) is a price floor in the labor market
In the long run, producers do not incur any fixed cost as all inputs are variable
Indicate whether the statement is true or false
When interest rates rise, farm profits
A) Increase because the value of farm assets varies directly with interest rates. B) Decrease because the value of farm assets varies directly with interest rates. C) Decrease because interest rates represent a major cost for farm production. D) Are not affected.