Specialization:
a. leads to greater self-sufficiency
b. can lead to an increase in overall production.
c. is always the result of an inefficient use of resources.
d. helps workers to develop skills by working on a large number of tasks.
b
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Why are selling costs high in monopolistic competition?
What will be an ideal response?
Protection provided to the infant industries is rarely withdrawn because:
a. the costs of withdrawing protection outweigh the benefits. b. the industries begin to experience diseconomies of scale. c. it leads to a loss of government revenue. d. the industries produce goods which are close substitutes of the imported goods. e. the larger and more successful the industry becomes, the more political power it wields.
Which statement is true?
A. Large denomination time deposits are generally CDs of at least $10,000. B. Large denomination time deposits are part of M2, but not M3. C. M1 is part of M2, which, in turn, is part of M3. D. None of the statements are true.
A decrease in the stock of capital will cause the
A. production possibility frontier to shift outward. B. economy to move closer to its production possibility frontier. C. production possibility frontier to shift inward. D. economy to move down the production possibility frontier.