Specialization leads to
a. increases in production because labor uses more advanced technology
b. decreases in production because each resource becomes less productive
c. increases in production because more resources are being used
d. increases in production because each resource becomes more productive
e. increases in production because capital is more productive than labor
D
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One reason why soda companies are so fervently against this tax might be because they assume sellers will pay the entire tax. Sellers will pay the entire tax if
A) demand is perfectly inelastic. B) the price elasticity of demand is between zero and 1. C) demand is unit elastic. D) demand is perfectly elastic.
According to the permanent income hypothesis, permanent income is to ________ as transitory income is to ________
A) consumption; saving B) certain; hypothetical C) wealth; gambling D) saving; borrowing
For individuals, the maximum fine for a Sherman Act violation is ________ million and the maximum prison sentence is ________ years.
A) $2; 10 B) $1; 10 C) $2; 5 D) $1; 5
Members of the Board of Governors are
a. appointed by Congress. b. selected by the U.S. president. c. elected by member banks. d. selected by the U.S. Treasury Department.