Which of the following is NOT a reason why there are gains to specialization?
A. It further improves skills through experience and practice.
B. It allows individuals to concentrate on the activities in which they have a comparative advantage.
C. It eliminates many of the costs of switching from one task to another.
D. It increases the amount productive resources in the economy.
Answer: D
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The cost of producing an additional unit of a good or service that falls on people other than the producer is the marginal
A) external cost. B) private cost. C) social cost. D) social benefit. E) None of the above answers is correct.
Double taxation of corporate profits
A. imposes losses on investors’ incentives in corporate stock. B. tends to keep corporations out of low-profit activities. C. makes the allocation of resources more efficient. D. makes issuing new stock prohibitively expensive.
Which of the following is not a function of money?
a. Insurance against unexpected inflation. b. Legal tender. c. Insurance against expected inflation. d. Unvarying unit of value. e. None of the above is a function of money.
An increase in the value of the marginal product of labor has the effect of increasing the
a. demand for labor. b. wage. c. quantity of labor employed. d. All of the above are correct.