Which is the best example of specialization?
A) a high school math teacher who teaches only calculus
B) a firm that produces both luggage and cooking oil
C) a person whose job includes accounting, personnel, and maintenance tasks
D) a high school math teacher who teaches algebra and calculus
Answer: A
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The National Industrial Recovery Act essentially legalized
a. labor unions. b. business cartels. c. minimum wage laws. d. import tariffs.
Suppose a bank is operating with a leverage ratio of 10 . A 6 percent increase in the value of assets
a. will reduce liabilities by 6 percent. b. will result in a 60 percent increase in owner's equity. c. will result in a 60 percent decrease in owner's equity. d. will reduce liabilities by 10 percent.
The city of Logan Square needs $40 million for a network of streetlights. There are 20,000 residents in the Logan Square neighborhood, meaning the cost for each resident is $2,000. Mr. Miller refuses to donate $2,000 towards the project. This is an example of the problems encountered with:
A. consumer goods. B. capital goods. C. private goods. D. public goods.
At the equilibrium price, deadweight loss is:
A. minimized. B. zero. C. maximized. D. equal to the equilibrium price multiplied by the quantity exchanged.