What is the likely result for the gains from specialization according to the concept of diminishing returns?
What will be an ideal response?
Gains are likely to be exhausted before specialization is complete.
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In 2011, the Social Security program had costs of
A. $30 million. B. $20 trillion. C. $200 billion. D. none of these answer options are correct.
Suppose you are a U.S. importer purchasing coffee from Guatemala at a dollar price of $10,000 . If the bank charges $0.12 per quetzal, you would have to buy 120,000 quetzals to settle the account with the Guatemalan exporter
a. True b. False Indicate whether the statement is true or false
Price ceilings are imposed if the government believes
a. the market fails to create an equilibrium price b. the equilibrium price is too low c. an excess supply of the good exists or will result in the near future d. the equilibrium price is too high e. quantity demanded is less than quantity supplied
A bottle of wine costs $8 and a quiche costs $5 . At Robert's present levels of consumption, he spends all his income and receives marginal utility of $10 from the last bottle of wine and marginal utility of $4 from the last quiche. To maximize his total utility, Robert should
a. buy less wine and more quiche. b. buy more wine and less quiche. c. spend all of his money on wine. d. change his spending pattern until he buys 8/5ths as much wine as quiche.