When an economy relies on specialization,
A) the economy will generally produce only one product.
B) the economy will usually be heavily agricultural.
C) each individual in the economy produces the goods or services for which he or she has relatively the best ability.
D) each individual will be assigned by the government to produce that good or service the government believes the economy should specialize in.
C
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The figure above shows the demand for fruit snacks. Which movement reflects an increase in income if fruit snacks are a normal good?
A) from point a to point e B) from point a to point b C) from point a to point c D) from point a to point d
Lowering the tariff on imported ethanol
A) increases domestic employment in the ethanol industry. B) increases the imports of ethanol. C) increases the domestic price of ethanol. D) has no effect unless the nation's trading partner also lowers its tariff on ethanol.