Why do most people specialize in their work?
What will be an ideal response?
Most people specialize because specializing in what they have a comparative advantage increases their productivity.
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State legislators who wanted to eliminate state regulation of the trucking industry would be most likely to find support among
A) business owners who must pay higher prices for deliveries as a result of the regulations. B) owners and managers of large trucking concerns. C) owners of small trucking concerns. D) unions that represent truck drivers.
In the above figure, if there is no minimum wage, the equilibrium employment is ________; if the government imposed a minimum wage of $8 per hour, employment is ________
A) 4,000 hours; 2,000 hours B) 3,000 hours; 4,000 hours C) 3,000 hours; 2,000 hours D) 4,000 hours; 3,000 hours
Bureaucratic capture occurs when:
A. lobbyist groups become so powerful that they essentially have a stranglehold on policymakers. B. professionals from one particular industry hold the majority of positions in one particular government office. C. industries become halted in their ability to continue operating due to over-regulation of the market. D. government positions are filled by people with close ties to the group they are supposed to regulate
When the demand and supply of grapes both increase by the same magnitude, we can predict that the: a. price of grapes will not change
b. quantity of grapes exchanged will fall. c. quantity of grapes exchanged will rise. d. Both a. and c. are correct.