Advantages of specialization do not include:
A. increased ability to utilize the division of labor.
B. less interdependence.
C. increased production of economic goods with no increase in resources.
D. the more efficient use of scarce resources.
Answer: B
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Zach Greinke's marginal product as a baseball player would be about the same as a Los Angeles Dodger and a Kansas City Royal. Why were the Dodgers willing to pay Greinke a higher salary than he was paid as a Royal?
A) The Dodgers needed a superstar to attract fans to their games. The Royals had no need to attract fans to their games. B) The owner of the Dodgers was under more pressure from the fans and the Los Angeles media to pay Greinke a higher salary than the Royals were willing to pay. C) The Dodgers play more home games than the Royals. As a result, the Dodgers earn more revenue from ticket sales that they can use to pay player salaries. D) Greinke's marginal revenue product is higher as a Dodger than it was as a Royal.
Critics argue that U.S. industrial policy: a. currently focuses only on developing the airlines industry
b. discourages spending on basic research in universities. c. should shift from a military to a civilian focus. d. gives foreign industries an advantage over domestic producers. e. provides too much protection to domestic industries.
Which of the following statements is true?
a. Accounting profit usually is greater than economic profit. b. Accountants ignore explicit costs in calculating profit. c. Explicit costs fall as output increases. d. Advertising is an implicit cost. e. Economic profit always increases as output increases.
Laws are efficient if they
A. help maximize total benefits of behavior. B. restrict all undesirable action like polluting. C. uphold absolute property rights. D. impose no costs on citizens. E. work to equate the marginal benefits and marginal costs of behavior.