The process of specialization and exchange allows a producer to become
a. proficient in one or a few areas of production.
b. proficient in all areas of production.
c. self-sufficient.
d. independent.
a. proficient in one or a few areas of production.
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It is true of externalities that they
A. are always detrimental. B. are always beneficial. C. arise when all costs, social and private, are included in production cost. D. cause the price system to misallocate resources.
Refer to Table 2-9. What is Haley's opportunity cost of making a necklace?
A) 2 necklaces B) 3 bracelets C) 3/4 of a bracelet D) 1 1/3 necklaces
Under the European System of Central Banks, the Executive Board is similar in structure to the ________ of the Federal Reserve System
A) Board of Governors B) Federal Open Market Committee C) Federal Reserve Banks D) Federal Advisory Council
The "deadweight loss" from a monopoly refers to
a. the portion of a monopolist's profits that are above the competitive profit level. b. the increase in price due to the monopolization of a market. c. the inefficient use of factors of production by a monopoly. d. the loss of consumer surplus due to the monopolization of a market that is not transferred to another economic actor.