Which of the following is not a gain from division of labor?
a. Workers' abilities are matched to tasks.
b. Workers gain experience from the repetition of the tasks.
c. Workers save time by not moving to different tasks.
d. Workers' morale increases as tasks become more specialized.
e. The introduction of labor-saving machinery is possible.
D
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Suppose IBM purchases a factory in Japan. This purchase is entered into which of the balance of payments accounts?
A) capital and financial account B) official settlements account C) trade account D) purchases account E) current account
The above table gives information for the nation of East Hampton
a. Find aggregate planned expenditure for each level of real GDP. b. What is the MPC? c. What is the equilibrium level of real GDP?
Real GDP measures the
A) total profits earned by all businesses valued using prices from a single year. B) changes in the prices of output measured in dollars. C) general upward drift in prices. D) value of total production linked to prices of a single year.
Which of the following is not true of a recession?
a. The economy is overheated. b. Cyclical unemployment is high. c. Unemployment is caused by insufficient spending. d. If the economy is in equilibrium, the aggregate expenditure line is too low to create an intersection at the full-employment level. e. If employers hired more workers to reduce unemployment, they would be unable to sell all the extra output those workers would produce.