Specialization:
A. leads to greater self-sufficiency.
B. can lead to an increase in overall production.
C. allows workers to develop skills by working on a large number of tasks
D. is always the result of an inefficient use of resources
B. can lead to an increase in overall production.
You might also like to view...
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Which of the following statements is true?
A) An optimizing individual is also likely to exhibit rationality. B) Optimization requires individuals to foresee the future perfectly. C) The less information that is available, the easier it is to make optimal decisions. D) An optimizing individual need not consider the risks involved in various choices.
The rate of technological progress is an important determinant of ________
A) long-run variation in economic growth B) long-run increases in interest rates C) short-run variation in employment rates D) short-run variation in economic growth
All of the following might explain a firm offering quantity discounts except:
a. lower costs of handling large orders. b. an inelastic demand for the good. c. monopoly power in this market. d. existence of some high and some low demand consumers.