Division of labor refers to
A. dividing tasks up into several subtasks and having one person perform these subtasks in a certain order.
B. assigning different workers to different tasks.
C. separating union workers from nonunion workers.
D. the separation of hourly workers from salaried workers.
Answer: B
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If the basket of goods and services used to calculate the CPI cost $200 in the reference base period and $450 in a later year, the CPI for the latter year equals
A) 200. B) 225. C) 325. D) 450.
During 2005-2006 Europe imported more than $70 million worth of U.S. long-grain rice. Who gains from this trade?
A) European rice consumers gain from trade. B) There is no gain from trade. C) European rice producers gain from trade. D) American rice consumers gain from trade.
Suppose a trade union and a firm agree to increase the wage rate by the same percentage as the increase in the Consumer Price Index. If the CPI increases by 5 percent, then the real income of workers will
A) increase by less than 5 percent, accounting for bias in the calculation of the CPI. B) remain unchanged, accounting for bias in the calculation of the CPI. C) increase by more than 5 percent, accounting for bias in the calculation of the CPI. D) increase by 5 percent as well. E) decrease by 5 percent, accounting for bias in the calculation of the CPI.
Refer to the information provided in Figure 1.7 below to answer the question(s) that follow.
Figure 1.7Refer to Figure 1.7. At Point A, what is the value of Y?
A. 2 B. 4 C. 6 D. 8