Which of the following is an example of division of labor?
a. an author writing a book one chapter at a time
b. a firm trying to get rid of a labor union
c. separating resources into four categories: land, labor, capital, and entrepreneurial ability
d. allocating revenue among a firm's resource suppliers
e. dividing an assembly process into separate steps
E
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Given that Sandy can produce 10 economics reports or 2 sales calls and Tim can produce 2 economics reports or 1 sales call, which of the following is FALSE?
A) Sandy has a comparative advantage in sales calls. B) Tim has a comparative advantage in sales calls. C) Sandy has a comparative advantage in economics reports. D) Sandy has an absolute advantage in both economics reports and sales calls.
According to Keynes' fixed money wage theory, when the price level is higher than expected the real wage is ____ than expected and unemployment is ______ than expected
a. lower; lower b. higher, higher c. lower; higher d. higher; lower
Which of the following would be considered an economic function of government?
A) providing a legal system B) promoting competition C) providing public goods D) All of the above are correct.
The problem of inconsistent standards across nations can be managed by:
A. policymakers making explicit laws about imports for specific countries. B. consumers making voluntary purchasing decisions. C. policymakers making blanket standards imposed on all imports. D. All of these are true.