Which of the following provides the best evidence of the specialization of labor?
a. ?A firm that produces a line of related products, such as eight kinds of breakfast cereal
b. ?An architect who is willing to practice in only one geographic area
c. ?A physician who practices in a specialty area such as cardiology or orthopedic surgery
d. ?A family that eats at Wendy's every Thursday night
e. ?A retailer who sells goods but provides no services
Ans: a. ?A firm that produces a line of related products, such as eight kinds of breakfast cereal
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If Jane works for 6 hours she can rent out 9 apartments, and if she works for 7 hours she can rent out 12 apartments. The marginal benefit of Jane's 7th hour of work equals:
A. 3 apartments B. 1 apartment C. 9 apartments D. 12 apartments
The economy of the United States is important because it:
A.) Produces as much output as China, Japan, and Western Europe combined. B.) Produces about 20 percent of total world output. C.)Exceeds the combined production of all other countries in the world. D.) Accounts for over 20 percent of total world population.
Which of the following does purchasing-power parity conclude should equal 1?
a. both the nominal and the real exchange rate.
b. the nominal exchange rate but not the real exchange rate
c. the real exchange rate but not the nominal exchange rate
d. neither the nominal exchange rate nor the real exchange rate
Current concern about Social Security is that
A) the fund is growing too rapidly and would trigger inflation. B) the fund might be depleted before long and might not be there for workers who retire later. C) the government is planning to phase out the program. D) none of the above