Specialization of labor makes sense only if there is some means of exchange
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following statements is false?
A) Specialization and trade allow a country's inhabitants to consume at a level beyond its production possibilities frontier. B) Some of the goods the U.S. exports include cars, coal, and wheat. C) Some of the goods the U.S. imports include cars, oil, and coffee. D) A country has a comparative advantage in producing that good it can produce at lower opportunity cost than another country. E) none of the above
A weaker dollar:
A. raises inflation and expands the economy. B. reduces inflation and expands the economy. C. reduces inflation and contracts the economy. D. raises inflation and contracts the economy.
Which of the following is a strategy that can be used only by vertically integrated firms?
A. Penetration pricing B. Vertical foreclosure C. Limit pricing D. Predatory pricing
A movement from one point of a demand curve to another is properly called a change in
A) demand. B) quantity demanded. C) tastes and preferences. D) the availability of substitutes.