Specialization leads to
a. increases in production because labor uses more advanced technology
b. decreases in production because each resource becomes less productive
c. increases in production because more resources are being used
d. increases in production because each resource becomes more productive
e. increases in production because capital is more productive than labor
D
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The U.S. economy is experiencing falling output, falling employment, falling incomes and rising unemployment. These conditions best describe a business cycle
A) expansion. B) peak. C) trend. D) recession. E) trough.
Total revenue equals
A) price per unit times quantity sold. B) change in price per unit times quantity sold. C) price per unit times quantity supplied. D) price per unit times change in quantity sold.