Now that Blake paints the broad surfaces and I do the trim work we can paint a

Now that blake paints the broad surfaces and i do the

This preview shows page 2 - 4 out of 53 pages.

6."Now that Blake paints the broad surfaces and I do the trim work, we can paint a house in three-fourths the time that it took for each of us to do both." This statement most clearly reflectsa.the importance of secondary effects.b.the fallacy of composition.c.the law of comparative advantage.d.behavior inconsistent with economizing.ANS:CPTS:1DIF:EasyNAT:BUSPROG: AnalyticSTA:DISC: Gains from trade, specialization and tradeTOP:Trade, Output, and Living StandardsKEY:Bloom's: ComprehensionMSC:Suggested Quiz7.Which of the following will most likely occur under a system of clearly defined and enforced private property rights?8.Three basic decisions must be made by all economies. What are they?9.If a firm or a nation desires to maximize its output, each productive assignment should be carried out by those persons who
Background image
Full file at
Background image
Image of page 4

You've reached the end of your free preview.

Want to read all 53 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture