What was not a benefit of the development of a national market?
a. Increased production by reducing tragedy of the commons problems.
b. Permitted greater division of labor.
c. Enabled people and organizations to engage more in their comparative advantages.
d. Led to lower costs because of increasing returns to scale could be taken advantage of in more industries.
a. Increased production by reducing tragedy of the commons problems.
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Terrance loses his job and immediately begins looking for another. Other things the same, the unemployment rate
a. increases, and the labor-force participation rate decreases. b. increases, and the labor-force participation rate is unaffected. c. is unaffected, and the labor-force participation rate increases. d. decreases, and the labor-force participation rate is unaffected.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point D to Point B, the opportunity cost of hybrid cars, measured in terms of motorcycles,
A. initially increases, then decreases. B. increases. C. remains constant. D. decreases.