Related to the Economics in Practice on page 151: Which of the following is the best analysis of the question of how fast delivery truck drivers should drive in order to reduce costs?
A. They should drive as quickly as possible in order to make more deliveries per day.
B. They should balance the concerns of speed and fuel efficiency and drive at a speed that minimizes total expenses.
C. They should drive at the most fuel - efficient rate in order to reduce fuel consumption costs.
D. They should drive as close to the legal speed limit as possible
Answer: B. They should balance the concerns of speed and fuel efficiency and drive at a speed that minimizes total expenses.
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According to the classical model, the income generated by production is
A) always insufficient to purchase all the goods and services produced. B) enough to purchase all the goods and services produced. C) fully spent on savings. D) enough to meet the needs of everyone in society.
Which of the following is NOT a requirement in selecting a policy instrument?
A) measurability B) controllability C) flexibility D) predictability
International Trade in Goods
- Which country or region sells the most to the U.S.?
- Which country or region purchases the most from the U.S.?
- Why would industrial nations trade with each other? wouldn't they all have the same ability to specialize in hi-tech and high-skilled industries?
Juanita, a lawyer, can type faster than Jill, her secretary. Jill, on the other hand, does not have the ability or skills to practice law. Applying the principles of international trade to this situation, an economic consultant advises Juanita to:
A. fire Jill, practice law during the day, and do her own typing at night. B. practice law and leave all the typing to the secretary. C. divide her time equally between typing and practicing law. D. quit practicing law and take a job as a secretary.