Which of the following is most likely an example of specialization?
a. People work on an assembly line.
b. A restaurant divides up the task of serving meals into a range of jobs like top chef, sous chefs, less-skilled kitchen help, and servers to wait on the tables.
c. Only those with medical degrees qualify to become doctors.
d. A family decides to grow their own crops.
c. Only those with medical degrees qualify to become doctors.
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If an overvalued currency is allowed to float:
A) its quantity demanded in exchange for the other currency will decrease. B) its quantity supplied in exchange for the other currency will increase. C) its value will depreciate. D) its value will appreciate.
Assume that an economy's real GDP multiplier is 4 . If this economy is in equilibrium at $2,000 billion, then which one of the following actions will bring it to a full-employment equilibrium of $1,500 billion?
a. $500 billion spending cut. b. $500 billion spending increase. c. $125 billion spending cut. d. $125 billion spending increase. e. $2,000 billion spending cut.
Refer to the given data. What will be the profit-maximizing wage rate?
Use the resource demand data shown on the left and the resource supply data on the right in answering the following question:
A. $6.
B. $5.
C. $4.
D. $3.
Excludability means that when someone is consuming a good, then others are excluded from using the good anymore.
a. true b. false