The first economist to point out the importance of specialization of labor was
A. Leonardo da Vinci.
B. Adam Smith.
C. David Ricardo.
D. John Maynard Keynes.
E. Enrico Caruso.
Answer: B
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Which of the following is irrelevant when deciding whether to undertake an action?
a. opportunity costs b. implicit costs c. sunk costs d. implicit costs and explicit costs e. fixed costs and implicit costs
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P4 and Y1. B. P4 and Y2. C. P5 and Y1. D. P5 and Y2.
A major distinction between a monopolistic ally competitive firm and an monopolistic firm is that:
A. One is a price taker and the other is a price maker B. A recognized interdependence exists between firms in one industry but not in the other C. One always produces differentiated products and the other always produces a homogeneous product D. One necessarily faces a downward-sloping demand curve and the other a horizontal demand curve
When a Walmart hires people for a new store, economists suggest that
A. at least some workers are laid off at other establishments. B. even more workers are added at other establishments. C. more workers are actually laid off at other establishments. D. the same number of workers are laid off at other establishments.