In Wealth of Nations, Adam Smith described the concept of division of labor and specialization by using an illustration of a visit to a
a. chicken farm
b. pin factory
c. bakery
d. blacksmith
e. town hall
B
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The unregulated, single-price monopolist illustrated in the figure above has a total revenue of
A) $8.00 per day. B) $16.00 per day. C) $36.00 per day. D) $40.00 per day.
The median voter theorem states that:
A. if voters have multi-peaked preferences, all of them prefer the median ideal policy. B. if voters have single-peaked preferences, none of them prefer the median ideal policy. C. if voters have single-peaked preferences, a majority of them prefer the median ideal policy to all other policies. D. if voters have multi-peaked preferences, a majority of them prefer the median of those preferences.
Under current U.S. tax laws, individuals do not pay taxes on health insurance benefits they receive from their employers
Indicate whether the statement is true or false
Big Bear Enterprises, which competes in a perfectly competitive market, is producing so that the point chosen along the production possibility frontier is socially preferred. Big Bear Enterprises has achieved which of the following?
a. Allocative efficiency b. Productive efficiency c. Economies of scale d. Long-run equilibrium