Specialization usually increases the output of a country; however effective specialization requires:
A. an effective low-cost means to exchange goods and services.
B. a large stock of capital.
C. that workers have very similar skills.
D. everyone in the country producing the same thing.
Answer: A
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Hot dogs and hot dog buns would be expected to have:
A) positive income elasticities of demand with respect to each other. B) negative income elasticities of demand with respect to each other. C) a positive cross-price elasticity of demand. D) a negative cross-price elasticity of demand.
A market with many firms that sell goods and services that are close substitutes for one another is called:
A. perfect competition. B. monopolistic competition. C. oligopoly. D. monopoly.
Elasticity computations related to demand carry a minus sign to show that the demand curve is negatively sloped
a. True b. False Indicate whether the statement is true or false
The reason that some people make more money than others is explained mainly by
A. training and education. B. intelligence. C. inborn skills or physical attributes. D. all of the choices/statements are true.