Applying the concept of labor specialization to international trade, if all countries specialize in producing what they do relatively best,
a. each country could become self-sufficient
b. international specialization and exchange will benefit the producers but harm the consumers
c. consumers are better off, but producers are worse off
d. inefficiency in production occurs because specialization, although allowing for moreproduction, causes people to know less about the "big picture"
e. there will be more goods produced, exchanged, and consumed
E
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In investment banking the "spread" is the difference between
A) the value of a firm's assets and the value of its liabilities. B) the bid and asked prices on a bond. C) the price of new capital guaranteed to the issuing firm and the price that can be obtained in the market. D) the price of a new stock issue and the price of an equivalent new bond issue.
Joey notices that by employing an additional hairdresser, he will be able to increase the number of haircuts in his salon by 15 haircuts per day. The daily salary he will need to pay the hairdresser is $200
How much is the cost for an additional haircut? Describe the general relationship between the marginal product and marginal cost curves.