Specialization can occur because
A) governments pass laws that require it.
B) varying skills differentiate workers.
C) absolute advantage creates specialization among laborers.
D) managers and laborers share job tasks.
Answer: B
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Which of the following is a key assumption leading to the Monetarist view that government deficits crowd out private investment?
A) Money demand is sensitive to the interest rate. B) The aggregate supply curve is horizontal. C) Technology is fixed. D) Investment is sensitive to the interest rate.
If the price elasticity of demand for good A is -1, then a 1% increase in
A) consumer income will result in a 1% decrease in the demand for good A. B) consumer income will result in a 1% increase in the demand for good A. C) the market price of good A will result in a 1% increase in the quantity demanded of good A. D) the market price of good A will result in a 1% decrease in the quantity demanded of good A.