Specialization and the division of labor typically result in
A) cost overruns.
B) increased output.
C) decreased output.
D) a greater reliance upon imports.
Answer: B
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
In a bank panic, the source of contagion is the
A) free-rider problem. B) too-big-to-fail problem. C) transactions cost problem. D) asymmetric information problem.
Answer the following statement true (T) or false (F)
1) The availability heuristic refers to people purchasing what is most easily accessible. 2) The self-serving bias causes people to act only in their self-interest. 3) The overconfidence effect exists when people underestimate their chances of being wrong. 4) Framing effects may cause the same person to view the same new situation differently depending on whether that new situation makes him or her better or worse off.
The term "economic freedom" means
A. the right to trade goods and services. B. the right to own private property. C. the right to own financial assets. D. all the above.