The more times a worker performs a particular task, the more proficient the worker becomes at that task. This source of productivity increase is called:
A. continuity.
B. innovation.
C. specialization.
D. repetition.
Answer: D
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According to your authors, economics
A) alone is not the only, or even the best, perspective to make sense out of the real world. B) can predict real-world phenomena with roughly 85-90% accuracy. C) generates conclusions every reasonable person should accept as true. D) is a false doctrine because individuals have been shown to act non-selfishly.
If real GDP exceeds potential GDP, to move the economy to potential GDP the Fed
A) raises the federal funds rate to increase potential GDP but not real GDP. B) lowers the federal funds rate to decrease real GDP but not potential GDP. C) raises the federal funds rate to decrease real GDP but not potential GDP. D) lowers the federal funds rate to increase potential GDP but not real GDP. E) raises the federal funds rate to decrease both real GDP and potential GDP.
In a period of inflation real interest rates will be greater than nominal interest rates
a. True b. False Indicate whether the statement is true or false
Which of the following is a distinction between perfectly competitive and monopolistic competition?
A. Perfectly competitive firms must compete with rival sellers; monopolistically competitive firms do not confront rival sellers. B. Monopolistically competitive firms can raise their price without losing sales; perfectly competitive firms must lower their price in order to sell more of their product. C. Perfectly competitive firms confront a perfectly elastic demand curve; monopolistically competitive firms face a downward-sloping demand curve. D. Perfectly competitive firms may make either economic profits or losses in the short run, but monopolistically competitive firms always earn an economic profit.