Specialization is the result of:
A) hiring experienced workers.
B) paying higher wages to experienced workers.
C) workers developing a certain skill set.
D) increased demand for a firm's commodity.
C
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The long-run aggregate supply curve (LRAS) is: a. a vertical curve that relates the level of real GDP produced to the price level in the long run
b. an upward sloping curve that relates the level of real GDP produced to the price level in the long run. c. an infinite curve that relates the level of real GDP produced to the price level in the long run. d. none of the above are true.
The bowed shape of the production possibilities frontier can be explained by the fact that
a. all resources are scarce. b. economic growth is always occurring. c. the opportunity cost of one good in terms of the other depends on how much of each good the economy is producing. d. the only way to get more of one good is to get less of the other.