Specialization in production is economically beneficial primarily because it:
A. allows everyone to have a job that he or she likes.
B. permits the production of a larger output with fixed amounts of resources.
C. facilitates trade by bartering.
D. guarantees full employment.
Answer: B
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The opportunity cost of something is the gain you receive as a result of your sacrifice
Indicate whether the statement is true or false
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.
Net exports is a negative figure whenever
A. a nation's exports of goods and services exceed its imports. B. a nation's imports of goods and services exceed its exports. C. inventories dwindle. D. gross savings is greater than net investment.
In Table 17.1, the United States has 
A. an absolute advantage but not a comparative advantage in coffee. B. an absolute and comparative advantage in both goods. C. an absolute and comparative advantage in coffee. D. an absolute and comparative advantage in apples.