Team production is a production process in which
A) pay is based on group output.
B) individuals specialize in mutually supportive tasks.
C) competing groups perform identical tasks.
D) individuals rotate from one task to another.
B
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Nominal GDP in a given year is GDP
A) valued in the prices of the base year. B) valued in the prices of that year. C) adjusted for inflation. D) adjusted for the value of intermediate goods.
In the figure, the equilibrium price is initially $3 per bushel of wheat. If buyers come to expect that the price of a bushel of wheat will rise in the future, but sellers do not, the current equilibrium price will
A) rise. B) not change. C) fall. D) Perhaps rise, fall, or stay the same, depending on whether there are more demanders or suppliers in the market.
In some cases, specialization allows larger factories to produce goods at a lower average cost than smaller factories
a. True b. False Indicate whether the statement is true or false
Exhibit 5-9 Supply and Demand Curves for Good X
?
As shown in Exhibit 5-9, the price elasticity of demand for good X between points E and B is:
A. 3/7 = 0.43. B. 7/3 = 2.33. C. 1/2 = 0.50. D. 1.