Before specialization:
a. families were largely self-sufficient
b. families produced much more than they could each consume.
c. there was a great need for exchange between families.
d. families consumed much more than they could each produce.
e. families exchanged only goods, not services.
a
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Productivity is hardest to measure in which sector?
a. Agriculture b. Construction c. Manufacturing d. Service.
Mutually beneficial trade will occur between two countries for all of the following reasons except one. Which is the exception?
a. The opportunity costs of producing two goods differs between the two trading partners. b. One country is more productive than the other. c. One country is more efficient than the other. d. One country has an absolute advantage over the other. e. Each country has a comparative advantage in producing some good.
In oligopoly, one expects
A. frequent introduction of new or redesigned products. B. aggressive advertising campaigns. C. intense marketing research into the impact of price changes. D. All of the responses are correct.
Refer to the diagram for a purely competitive producer. The firm's short-run supply curve is:
A. the abcd segment and above on the MC curve.
B. the bcd segment and above on the MC curve.
C. the cd segment and above on the MC curve.
D. not shown.