Specialization can occur because
A) governments pass laws that require it.
B) varying skills differentiate workers.
C) absolute advantage creates specialization among laborers.
D) managers and laborers share job tasks.
B
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According to your text, what is the major long-run issue facing the European Union?
What will be an ideal response?
The Federal Reserve System was founded in:
A. 1913. B. 1929. C. 1933. D. 1935.
Other things equal, an increase in government spending ________ the equilibrium interest rate and ________ equilibrium output.
A. decreases; decreases B. increases; decreases C. increases; increases D. decreases; increases
When a monopolist incurs a loss in the short run, it will stop producing if
A. marginal cost equals marginal revenue. B. total revenue is insufficient to cover fixed costs. C. total revenue is insufficient to cover variable costs. D. demand is greater than marginal revenue.