In economics, specialization means
a. producing something using only one type of resource, such as labor
b. producing something using only one type of labor
c. focusing efforts on a particular product or a single task
d. producing only one unit of output
e. producing something using only one unit of a variable resource
C
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In the above figure, which of the figures shows a relationship between x and y with a negative slope?
A) Figure A B) Figure B C) Figure C D) Figure D E) Both Figure A and Figure B
In an economy where planned aggregate spending is given by PAE = 3,000 + .75Y ? 10,000r, the central bank is currently setting the interest rate at 0.06 (6 percent). If potential output equals 9,500, the central bank must ________ the interest rate to close the ________ gap.
A. lower; recessionary B. lower; expansionary C. raise; expansionary D. raise; recessionary
The business cycle may hamper economic growth because it creates additional ________ for business owners.
A. unemployment B. stability C. risks D. inflation
Graphically, economies to scale are illustrated by
A) a downward sloping long-run average cost curve. B) a horizontal long-run average cost curve. C) an upward sloping long-run average cost curve. D) a long-run average cost curve that is shaped like an upside down U.