Abby bakes brownies and Liam grows flowers. In which of the following cases is it impossible for both Abby and Liam to benefit from trade?
a. Abby does not like flowers and Liam does not like brownies.
b. Abby is better than Liam at baking brownies and Liam is better than Abby at growing flowers.
c. Liam is better than Abby at baking brownies and at growing flowers.
d. Both Abby and Liam can benefit from trade in all of the above cases.
a
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Bureaucratic overprovision of a public good could occur because
A) of a failure of minimum differentiation. B) of rational ignorance among voters. C) voters want more of the good than do bureaucrats. D) bureaucrats attempt to maximize efficiency.
Which component of current U.S. GDP under the expenditure approach is most likely to be negative?
a. consumption b. government purchases c. net exports d. investment
In the TruLite boxing department, management finds that the production team maintains several boxes of lights in a nearby storage closet. On days when the assembly line breaks down, the boxes are added back at the end of day to meet production goals. This is an example of:
A. risk premium adjustment factors. B. beating the benchmark. C. gaming the production system. D. random elements in production.
Which statement is true?
A. Mass production can take place without mass consumption. B. Mass consumption can take place without mass production. C. Mass production can take place without mass consumption and mass consumption can take place without mass production. D. Mass production cannot take place without mass consumption, nor can mass consumption take place without mass production.