A.   Macroeconomists; Microeconomists

B.   Macroeconomists; Macroeconomists

C.   Microeconomists; Macroeconomists

D.   Microeconomists; Microeconomists

A.   college degree

B.   high level of utility

C.   advantage

D.   assignment

A.   A small business owner has to subcontract a portion of work due to lack of time.

B.   Because the number of trained doctors is limited, some people cannot find a doctor when they need one.

C.   Amanda can play a song as many times as she likes with no additional cost to her.

D.   Joey has to choose between buying a new motorcycle or buying a small boat, since he cannot afford to buy both.

A.   TRUE

B.   FALSE

A.   There would be no increase or decrease in production.

B.   Production would be increased.

C.   At first, production would increase, then it would return to the maximum output of 2 guitars a week.

D.   Production would be slowed.

A.   The ability to create diamonds in a laboratory has flooded the diamond market with cheap diamonds.

B.   Fracking in the U.S. has led to the discovery and use of natural gas, resulting in lower energy prices.

C.   A factory has a large need for highly skilled workers, however the majority of applicants do not have any work experience.

D.   Animal shelters have been experiencing a decreasing demand for kittens, resulting in a decreased adoption price for kittens.

A.   increases output by enabling workers to take advantage of differences in their skills

B.   decreases the wage rate by making workers less valuable

C.   increases output by making labor cheaper relative to capital

D.   increases output by allowing workers to each perform a wide variety of tasks

A.   Crude oil was in short supply in the 1970s, leading to a quantity demanded of gasoline being greater than the quantity supplied.

B.   Home Depot offered a wage higher than the minimum wage resulting in an influx of job applications.

C.   Bee populations are on the decline due to disease, so some farmers have resorted to hand pollination of their fruits and vegetables.

D.   Due to a continuous drought in Cape Town, South Africa, the amount of water for families is limited.

A.   Hawaii's need for teachers is much higher than current quantity supplied because it is very expensive to live in Hawaii and most individuals cannot afford to live in Hawaii on a teacher's salary.

B.   Each year only a limited amount of the flu vaccine is created.

C.   John has a test tomorrow that he must study for, but he also wants to go to a music concert tonight. He doesn't have time for both.

D.   A puppy mill was shut down and all of the dogs went to an overcapacity humane society, leading to an increase in the supply of adoptable dogs.

A.   Specialization allows workers to experiment with different tasks to see which responsibilities make them happiest at work.

B.   Specialization in a particular small job allows workers to focus on the parts of the production process where they have an advantage.

C.   Workers who specialize in certain tasks often learn to produce more quickly and with higher quality.

D.   Specialization allows businesses to take advantage of economies of scale.

A.   FALSE

B.   TRUE

A.   The value for ivory has increased leading to an increase in the poaching of African Elephants and a decrease in the African Elephant population.

B.   The patent for a pharmaceutical drug expired and the drug is now being replicated by a number of other producers.

C.   Due to an increase in demand for craft beer in Portland, the number of microbreweries has increased.

D.   The reintroduction of wolves in Yellowstone was a success in that shortly after reintroduction the wolves were removed from the Endangered Species list.