Albert's Pretzel Baking Company used to have four workers who were each in charge of making their own pretzels from start to finish. Now, one worker mixes the dough, another shapes it, the third puts the unbaked pretzels into the oven and the fourth removes the finished product. Output has doubled. This is an example of
A) neutral technical change.
B) labor-saving technical change.
C) division of labor.
D) economies of scale.
C
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a. are not important economically b. should be reduced through subsidiziation c. are undersupplied by unfettered markets d. can be ignored
The Gini coefficients for land ownership inequality are often substantially higher than the Ginis for household incomes in low income countries
Indicate whether the statement is true or false
In "closing the gold window" in 1971, President Nixon
a. did both d and e b. did all of the following c. refused to exchange gold for dollars d. forced the dollar to appreciate e. called in all gold circulating domestically
According to an Added Perspective in the text, drawn from an article in The Economist, England's concern about coal in the 1990s is represented by which of the following questions?
a. Will coal replace oil as new coal deposits are discovered? b. Will coal supplies be depleted within the next hundred years? c. How much priority should be given to environmental concerns? d. How can mining be made profitable to preserve coal miners' jobs? e. Should the government use price controls to limit high profits?