Specialization refers to
a. one person performing a wide variety of tasks
b. labor replacing capital in production
c. capital replacing labor in production
d. limiting the number of tasks a resource performs
e. performing all tasks with only one resource
D
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For social cooperation to be promoted, an effective system of property rights will be one in which people
A) behave cautiously and considerately because their rights are not clear. B) enjoy most rights in common with all other members of the society. C) know exactly what their rights are and don't expect them to change significantly. D) know their rights are always dependent upon continuing majority approval. E) realize the rules of the game can change at any moment.
What is outlet bias?
A) the tendency for the quality of products to improve over time even though the CPI does not measure changes in quality B) the tendency for households to spend their money at discount stores as prices rise C) the tendency for consumers to purchase newer, more technologically advanced products even though they have higher prices D) the tendency for households to spend more money over time
Banks
a. play a role in creating an asset that people can use as a medium of exchange. b. are financial intermediaries, but mutual funds are not financial intermediaries. c. are financial markets, as are bond markets. d. All of the above are correct.
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.