Although trade increases productivity, it decreases society's collective knowledge because people specialize in a very limited number of things.
a. true
b. false
Ans: b. false
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Refer to Figure 2-11. What is the opportunity cost of producing 1 bolt of cotton in Pakistan?
A) 3/8 of a pound of cashews B) 5/8 of a pound of cashews C) 1 3/5 pounds of cashews D) 150 pounds of cashews
Price-discriminating, profit-maximizing monopolists charge higher prices to buyers who have more elastic demand curves
a. True b. False
Of the curves displayed in graph shown, what does curve C most likely represent?
A. Marginal cost
B. Average total cost
C. Average variable cost
D. Marginal revenue
If everyone in an economy had equal income, the Lorenz curve would be a curve that intersects the line of income equality at the point at which 50 percent of the population earns 50 percent of the income
a. True b. False Indicate whether the statement is true or false