Acquiring knowledge and skills by participating in the production process is called "learning by doing."

Over long time horizons, the more independent a country's central bank is,

A) the lower the inflation that country experiences. B) the better chance that country has of experiencing hyperinflation. C) the higher the country's unemployment rate tends to be. D) the more politically unstable the country becomes.

The pig farm industry is perfectly competitive. Which of the following is true?

a. Since the industry is perfectly competitive, price and quantity are at the socially efficient levels. b. The competitive price is higher and quantity lower than the socially efficient point. c. The competitive price is higher and quantity higher than the socially efficient point. d. The competitive price is lower and quantity higher than the socially efficient point.