Which of the following provides the best evidence of the specialization of labor?
a. a firm that produces a line of related products, such as eight kinds of breakfast cereal
b. an architect who is willing to practice in only one geographic area
c. a physician who practices cardiology and orthopedic surgery
d. a family that eats at Wendy's every Thursday night
e. a retailer who sells goods but does not provide services
a. a firm that produces a line of related products, such as eight kinds of breakfast cereal
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Individuals that lend funds to a bank by opening a checking account are called
A) policyholders. B) partners. C) depositors. D) debt holders.
The current account is
A) the reserve assets created by the International Monetary Fund for countries to use in settling international payment obligations. B) the price of one nation's currency in term of the currency of another country. C) a category of the balance of payments transactions that measures flows of real and financial assets. D) a category of the balance of payments transactions that measures the exchange of merchandise, the exchange of services, and unilateral transfers.
"If the United States enters a war with Iran, U.S. output will go down." This statement is an example of
A. a positive statement. B. an irrational statement. C. a realistic statement. D. a normative statement.
The quantity theory of money seeks to explain the connection between money and
A) output. B) unemployment. C) prices. D) interest rates.