In some cases, specialization allows larger factories to produce goods at a lower average cost than smaller factories
a. True
b. False
Indicate whether the statement is true or false
True
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The government sometimes provides public goods because
a. private markets would not produce any of the goods. b. private markets would not produce the efficient quantity of the goods. c. private markets would charge too high a price for the goods. d. the government produces public goods more efficiently than private markets can.
When the price of labor increases, the substitution effect will ________ the quantity of labor demanded and the output effect will ________ it.
A. increase; decrease B. increase; increase C. decrease; decrease D. decrease; increase
Refer to the table above. The opportunity cost per dollar of value added in stitching shoes by workers in Laborland is ________
A) $0.25 B) $0.50 C) $2 D) $4
The federal budget is decided upon by the
A) President of the United States and the United States Treasury. B) the United States Treasury alone. C) President of the United States and the United States Congress. D) President of the United States and the Federal Reserve system. E) United States Congress and the Federal Reserve System.