Which of the following is most likely an example of specialization?
a. People work on an assembly line.
b. A restaurant divides up the task of serving meals into a range of jobs like top chef, sous chefs, less-skilled kitchen help, and servers to wait on the tables.
c. Only those with medical degrees qualify to become doctors.
d. A family decides to grow their own crops.
c. Only those with medical degrees qualify to become doctors.
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Refer to Figure 10.1. If the monopolist is not regulated, the price will be set at ________
A) P1 B) P2 C) P3 D) P4 E) none of the above
When economists say that private investment is "autonomous," they mean that it:
a. will never change. b. is not dependent on the current level of disposable income. c. is determined by the "animal spirits" of business decision makers. d. is determined by the level of saving.