Two parties can capture gains from specialization and trade whenever:
a. One party is twice as good as producing all goods as the other
b. The opportunity costs of producing each good are the same for both parties.
c. Both parties can produce equal amounts of both goods.
d. None of the above are true.
d
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As rational consumers, you attempt to maximize utility by allocating your time so that the expected marginal utility of the last unit of time spent in each activity is different
Indicate whether the statement is true or false
One assumption of the basic model of supply and demand is that:
A. buyers and sellers have enough information to make informed choices. B. buyers and sellers will benefit equally from a voluntary transaction. C. sellers will always have more information than buyers. D. buyers will always have more information than sellers.
Regarding the Patient Protection and Affordable Care Act (ACA)
A) most economists and policymakers agree that the ACA should be repealed and replaced with market-based reforms. B) most economists and policymakers agree that the ACA should be repealed and replaced with a single-payer health care system. C) most economists favor replacing the ACA with market-based reforms and most policymakers favor replacing the ACA with a single-payer health care system. D) there is still considerable debate among economists and policymakers with respect to amending or repealing the ACA.
You are the owner of the Voracious Vegetarian, a single-business healthy fast-food restaurant. Your strategy-making hierarchy would most likely consist of
A. business strategy, divisional strategies, and departmental strategies. B. corporate strategy, divisional strategies, and departmental strategies. C. business strategy, functional strategies, and operating strategies. D. managerial strategy, business strategy, and divisional strategies. E. business strategy, divisional strategy, and operating strategy.