Question 1 0 out of 10 points In Exhibit 2-3, if resources are used fully and efficiently, then the economy can produce at point(s) Correct Answer: g, h, or i Question 2 10 out of 10 points Because of specialization and comparative advantage, most people Correct Answer: consume the products of many other specialists Question 3 10 out of 10 points Which of the following is not a gain from division of labor? Correct Answer: Workers' morale increases as tasks become more specialized. Question 4 10 out of 10 points The law of comparative advantage says that a person should produce a good if she Correct Answer: has the lowest opportunity cost of producing that good Question 5 10 out of 10 points Barter is Correct Answer: the direct exchange of goods, without the use of money Question 6 10 out of 10 points The mixed economy is the dominant economic system in the world because Correct Answer: there is private ownership of property but government regulation of individuals reduces some of the flaws of pure
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This note was uploaded on 12/10/2010 for the course ECONOMICS 134 taught by Professor Dr.hoass during the Spring '10 term at Bossier Parish Community College.