Division of labor increases productivity because
a. tasks can be assigned according to individual tastes and abilities
b. workers who repeatedly perform the same tasks become bored
c. each worker must learn each of the numerous tasks in the total production process
d. specialization of labor allows for the introduction of cheaper, less sophisticated production techniques
e. managers can force workers to produce goods that are valued more highly than the costs of producing them.
A
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The difference between the economy's potential output and its actual output relative to its potential output at a point in time is called the:
A. output gap. B. trade deficit. C. budget deficit. D. full-employment rate.
The short run is a time frame in which
A) the quantities of some factors of production are fixed and the quantities of other factors of production can be varied. B) the quantities of all factors of production can be varied. C) the quantities of all factors of production are fixed. D) all costs are sunk costs.
NAFTA was primarily formed because the member nations have ________.
A) static and dynamic liberalization policies B) similarly sized economies and resources C) geographic proximity to each other D) competing interest
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point A to Point B is
A. -2/3. B. -1.5. C. -3. D. -30.