The "gang system" is an example of:
a. specialization and division of labor.
b. diminishing marginal product.
c. the envelope theorem.
d. Gresham's law.
a. specialization and division of labor.
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In U.S. presidential elections, the winner of the popular vote
A) was always the election winner. B) lost the election only one time in history. C) lost the election about 10 percent of the time. D) lost the election more times than he won the election.
The price of a factor of production that is in fixed supply is called
A) opportunity cost. B) a compensating differential. C) economic rent. D) economic profit.
According to the misperceptions theory, an anticipated 10% decrease in the money supply leads to a short-run reduction in the price level of
A) 0%. B) 5%. C) some amount between 0% and 10%. D) 10%.
Single-owner proprietorships often unintentionally exaggerate their profits because they
A) forget their explicit losses. B) look at after-tax instead of pre-tax costs. C) pay their bills late and therefore incur large interest charges. D) neglect to consider the opportunity cost of the owner's labor.