The division of 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.
Answer: C
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The strength of the competition faced by a company can profoundly affect its
a. pricing. b. output decisions. c. input decisions. d. All of the above are correct.
In general, economic profits are:
A. less than accounting profits. B. the same as accounting profits. C. greater than accounting profits. D. not comparable to accounting profits.
The value of a model is determined by
A) the usefulness of its predictions in the real world. B) the extent of the profit earned by applying it. C) the realism of its assumptions. D) the model's attention to real world details.
On August 15, 1971, the United States
A) returned to the gold standard. B) suspended the convertibility of dollars into gold. C) provided unlimited dollar reserves to the German central bank to help end a speculative attack on the mark. D) provided unlimited dollar reserves to the Bank of England to help end a speculative attack on the pound.