Automatic stabilizers lead to:
a. a decrease in taxes collected by the government during an economic expansion.
b. a decrease in unemployment compensation during a recession

Assume the demand function for a particular good can be written as P = 150 - 6Q. When P = 12, the point elasticity of demand equals 2.08

Indicate whether the statement is true or false

Specialization in production is beneficial because

a. it allows everyone to have a job that they like. b. it permits people to expand production and achieve rates of output that would otherwise be unattainable. c. it allows everyone to be self-sufficient. d. it eliminates the need for the division of labor.