Specialization can occur because
A. governments pass laws that require it.
B. varying skills differentiate workers.
C. managers and laborers share job tasks.
D. absolute advantage creates specialization among laborers.
Answer: B
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If a rise in the price of oranges from $7 to $9 a bushel increases the quantity of bushels supplied from 4,500 to 5,500 bushels, the
A) supply of oranges is elastic. B) supply of oranges is inelastic. C) demand for oranges is elastic. D) demand for oranges is inelastic.
Which of the following statements is true?
A) GDP growth distributes income equally to people in the economy. B) GDP accounting rules do not adjust for production that pollutes the economy. C) A decrease in the crime rate increases GDP as people will spend more on security. D) Household production is counted in GDP as it amounts to real production.
An increase in income (all else equal) will ALWAYS lead to a parallel shift of the budget line
Indicate whether the statement is true or false
The natural rate of unemployment is
A) the unemployment rate when cyclical unemployment is the only type of unemployment. B) the unemployment rate when there is no frictional unemployment. C) the rate of unemployment associated with long-run equilibrium. D) zero.