How does human specialization contribute towards increasing an economy's output?
A. It exploits the differences in abilities
B. It is a process of creative destruction
C. It pushes each worker to master the whole product
D. It encourages people to be "jacks-of-all-trades"
Answer: A
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Autoworkers negotiate a wage increase. How does this change affect the supply curve of cars?
A) It shifts the supply curve leftward. B) It does not shift the supply curve or create a movement along it. C) It shifts the supply curve rightward. D) The supply curve will shift but there is not enough information to tell if the change shifts the supply curve rightward, leftward, or not at all. E) It creates a movement downward along the supply curve.
Moving between two points on a PPF, a country gains 6 automobiles and forgoes 3 trucks. The opportunity cost of 1 automobile is
A) 2 trucks. B) 1 automobile. C) 1/2 of a truck. D) 3 trucks. E) 6 automobiles - 3 trucks.