The most famous story about organizing tasks into jobs comes from Adam Smith's tale of the pin factory. In that story, he argues that
A. cross-training is critical for productivity.
B. one worker should be assigned all the tasks in pin construction.
C. coordination is the biggest problem for factory efficiency.
D. specialization of jobs into simple tasks increases productivity.
Answer: D
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In the above figure, the curve labeled A shifts rightward if
A) expected future profits decrease. B) the quantity of money decreases. C) the substitution effect occurs. D) taxes decrease.
The difference between a business plan and a scenario plan is:
a. A scenario plan is a one-to-three year planning document, but the business plan is a 10-to-20 year planning document. b. Really, there is no difference c. A scenario plan is like a capital budgeting plan. In short, it is for one scenario. But a business plan is for three to five years. d. A scenario plan is a long-term planning document (normally 10 to 20 years), and a business plan is a three-to-five year plan. e. None of the above.
When two people agree to a price in a negotiation, we can assume that:
A. each one will receive equal benefits from the transaction. B. only one of the parties will benefit, but there is not enough information to determine which one it will be. C. the seller will receive more benefit from the transaction than the buyer. D. both parties will benefit.
Refer to the diagram. This economy will experience unemployment if it produces at point:
A. A.
B. B.
C. C.
D. D.