Two factories make wooden chairs. If the workers in factory A make each chair from start to finish and the workers in factory B divide labor, one would assume
A) the chairs in factory A are of higher quality.
B) the workers in factory B have more job satisfaction.
C) factory B can take advantage of division of labor and produce more efficiently.
D) factory A can take advantage of division of labor and produce more efficiently.
Answer: C
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The amount of cost cutting technical innovation introduced into a production process is a function of:
A) technology only. B) technology and consumer acceptance. C) consumer acceptance only. D) none of the above.
Which of the following would be included in the capital account section of the balance of payments?
a. government bond purchases by people in other countries b. net investment income c. imports and exports of goods d. imports and exports of services
Suppose the Federal Reserve announces that it will be making a change to a key interest rate to decrease the money supply. This is likely because the Federal Reserve is
a. worried about inflation. b. worried about unemployment. c. hoping to increase the demand for goods and services. d. worried that the economy is growing too slowly.
Employers will hire more units of a resource if the:
A. price of the resource increases. B. productivity of the resource increases. C. price of the good being produced declines. D. price of a complementary resource rises.