Economy X has just one worker, while Economy Y has 100 workers. Both have the same capital and land resources and produce the same good. If labor specialization occurs in Economy Y, we would expect Economy Y to produce
a. exactly the same quantity of goods as Economy X
b. 100 times the quantity of goods as Economy X
c. less than 100 times the quantity of goods as Economy X
d. more than 100 times the quantity of goods as Economy X
e. more inefficiently than Economy X
D
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A certain magazine offers its subscribers the opportunity to "Buy Now and Save." If at the time their subscription renewal is due they agree to pay for 2 years rather than 1, the renewal price will be $50 per year rather than the usual $60 per y
At what interest rate will the consumer, who is certain she will subscribe to the magazine for the next 2 years, decide to "Buy Now and Save"? A) any interest rate under 50 percent B) any interest rate over 1.5 percent C) any interest rate over 150 percent D) any interest rate under 5 percent E) She will always take this offer if she is absolutely certain to buy the magazine for another 2 years.
Is a benevolent command economy likely to achieve greater efficiency than a purely competitive market system? Explain
When compared to a competitive market, monopolists tend to charge a higher price and produce a greater level of output.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced. B. an unattainable production point. C. what society wants. D. the economy's optimal production point.