With specialization
A) opportunity costs tend to be constant.
B) there are greater gains in material well being.
C) there is more emphasis on self-reliance.
D) society is more productive while individuals are less productive.
Answer: B
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In order to be classified as a recession, a contraction of general economic activity must last at least
A) one year. B) six months. C) one period. D) one quarter. E) None of the above because recessions do not have a minimum length.
If the elasticity of demand for cigarettes is 0.4, then an increase in the price of a pack of cigarettes from $5.00 to $6.00 would reduce quantities demanded by about
a. 7 percent. b. 40 percent. c. 42 percent. d. 220 percent.
The subject of borrowing by the U.S. from its citizens and from other countries, has resulted in one of the fiercest policy debates in recent years
a. True b. False Indicate whether the statement is true or false
Population growth rates tend to be ______.
a. dependent on economic growth b. unaffected by a country’s wealth c. higher in poorer countries d. higher in richer countries