Multiple Choice
Although specialization of labor increases efficiency of production, another step is necessary
A) to exchange goods among producers.
B) to remain fully employed.
C) to a reallocation of natural resources.
D) to assure that exchange leads to mutual gains.
E) All of the responses are correct.
Correct Answer:
Verified
Correct Answer:
Verified
Q35: Rational production decisions require an understanding of<br>A)trade-offs.<br>B)opportunity
Q36: Increasing opportunity cost tends to occur if<br>A)management
Q37: A society must make three sorts of
Q38: Specialization and division of labor are made
Q39: List the three coordination decisions made by
Q41: If a farmer's opportunity cost of producing
Q42: Economics studies the logic of choices made
Q43: The scarcity of physical resources is far
Q44: In a market economy, the decision regarding
Q45: The production possibilities frontier has a tendency