17. Broadly defined, competition involves: A. private
17. Broadly defined, competition involves: A. private
17.
Broadlydefined, competition involves:
A.
private property and freedom of expression.
B.
independently acting buyers and sellers and freedom to enteror leave markets.
C.
increasing opportunity costs and diminishing marginal utility.
D.
capital goods and division of labor.
18.
Competitionmeans that:
A.
sellers can manipulate market price by causing productscarcities.
B.
there are independently acting buyers and sellers in eachmarket.
C.
a product can be purchased at a number of different prices.
D.
there is more than one seller in a market.
19.
The divisionof labor means that:
A.
labor markets are geographically segmented.
B.
unskilled workers outnumber skilled workers.
C.
workers specialize in various production tasks.
D.
each worker performs a large number of tasks.
20.
Specializationin production is important primarily because it:
A.
results in greater total output.
B.
allows society to avoid the coincidence-of-wants problem.
C.
allows society to trade by barter.
D.
allows society to have fewer capital goods.
21.
Specialization—thedivision of labor—enhances productivity and efficiency by:
A.
allowing workers to take advantage of existing differences intheir abilities and skills.
B.
avoiding the time loss involved in shifting from oneproduction task to another.
C.
allowing workers to develop skills by working on one, or alimited number, of tasks.
D.
all of the means identified in the other answers.
22.
Specializationin production is economically beneficial primarily because it:
A.
allows everyone to have a job that he or she likes.
B.
permits the production of a larger output with fixed amountsof resources.
C.
facilitates trade by bartering.
D.
guarantees full employment.
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