How does specialization affect employment patterns?
(A) By making sure that each person produces the goods for which he or she has a comparative advantage.
(B) By using the absolute advantage that many people have in production work.
(C) By creating specialized work for a few people.
(D) By changing job availability in a country or region.
Ans: (D) By changing job availability in a country or region.
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The process by which the stock of equipment and structures available to an economy is increased by investment is referred to as:
A) output expansion. B) autonomous growth. C) capital accumulation. D) investment growth.
Which of the following statements is TRUE about the difference between the public debt and the government budget deficit?
A) The public debt is a flow measure and the government budget deficit is not a flow measure. B) There is no relationship between the public debt and the government budget deficit since one is a stock measure and the other is a flow measure. C) The public debt always increases while the government budget deficit may increase or decrease. D) The public debt for this year will increase or decrease depending upon whether there is a government budget deficit or a government budget surplus.
In 2014, ________ of the uninsured were younger than age 35
A) about 10 percent B) less than one-third C) over half D) almost 85 percent
Which of the following statements about cost curves is always true?
a. ATC decreases as output increases. b. AFC increases as output increases. c. AFC lies above AVC. d. ATC lies above AVC. e. MC lies below ATC.