Which of the following best defines the specialization of resources?
a. Workers are compensated as individuals.
b. Special resources are needed to produce most goods.
c. Each resource is paid for in full.
d. Each resource is paid the most if it is specialized.
e. Each resource is focused on a limited number of productive activities.
E
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“Rent seeking” describes the search and battle for opportunities to collect economic rents.
Answer the following statement true (T) or false (F)
A fiscal policy that increases government spending or cuts taxes is most appropriate when the economy is in:
A. a recessionary gap. B. a long-run equilibrium C. a short-run equilibrium. D. an inflationary gap.
Why is there no total revenue test for elasticity of supply?
Please provide the best answer for the statement.
In the first week in March 1933, ______ banks had shut their doors.
A. a few B. nearly half C. most D. all