John takes 10 minutes to iron a shirt and 20 minutes to type a paper. harry takes 10 minutes to iron a shirt and 30 minutes to type a paper. which of the following statements is correct? a. harry has a comparative advantage in ironing. b. harry has a comparative advantage in typing. c. john has a comparative advantage in ironing. d. neither can gain from specialization and exchange.

Which of the following best describes the purpose of raising and lowering the required reserve ratio? a. to make sure that government spending does not result in either a surplus or deficit. b. to stimulate economic growth by making it less expensive for producers to get loans. c. to manage the economy by increasing or decreasing the amount of loans being made. d. to regulate the activity of private banks to assure an equitable distribution of wealth. 2b2t

Specialization—the division of labor—enhances productivity and efficiency by a) allowing workers to take advantage of existing differences in their abilities and skills. b) avoiding the time loss involved in shifting from one production task to another. c) allowing workers to develop skills by working on one, or a limited number, of tasks. d)all of the means identified in the other answers.

Companies under market structures are independent