71) Two friends, one an engineer and the other an accountant, decide to form a p

Question

71) Two friends, one an engineer and the other an accountant, decide to form a partnership. If the accountant takes care of the books and the engineer runs the factory, they are likely to enhance the economy's productivity through: A) scarcity B) specialization of labor C) a shift in the production possibilities curve D) a movement along the production possibilities curve 72) Countries import some goods and export other goods primarily because of: A) unemployment B) self-sufficiency C) comparative advantage D) the law of increasing opportunity cost 74) Trade can be beneficial to an economy because: A) it results in a more efficient use of the combined resources of some of the trading countries, even though it reduces efficiency in others B) more goods and services can be obtained at lower opportunity cost C) it prevents specialization in those activities in which countries have a comparative advantage D) it prevents unemployment 76) An increase in capital goods and a decrease in consumer goods will: A) eventually lead to a shift to the right of the production possibilities curve B) increase a nations capacity to produce C) lead to more rapid economic growth D) do all of the above

Explanation / Answer

C) a shift in the production possibilities curve D) the law of increasing opportunity cost A) it results in a more efficient use of the combined resources of some of the trading countries, even though it reduces efficiency in others D) do all of the above

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