Using the economic way of thinking, what do a pencil, stick of gum, and balloon have in common?
A) Each is produced by a single person.
B) Each is produced by a small number of people.
C) Given the state of modern technology and high-speed processing, each can soon be produced without any human intervention at all.
D) The production of any one of the goods mentioned above requires the voluntary cooperation of millions of producers and traders.
D
Economics
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An increase in labor productivity ________ the real wage rate and an increase in population ________ the real wage rate
A) raises; lowers B) raises; raises C) lowers; lowers D) lowers; raises
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The deadweight loss from a monopoly loss measures the inefficiency created by monopoly
Indicate whether the statement is true or false
Economics