What is division of labor? How does it raise efficiency and productivity?
Division of labor means breaking up a task into a number of smaller, more specialized tasks so that each worker can become more adept at a particular job. It is intended to increase the productivity of labor. The specialization and concentration of the workers on their single subtasks often leads to greater skill and greater productivity on their particular subtasks.
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Which of the following is a problem associated with extreme levels of poverty?
A) High life expectancy B) High infant mortality C) High literacy D) Low fertility
Over the post-war era, poorer countries grew
A) faster. B) slower. C) stayed the same. D) grew faster, then grew slower. E) No general tendency can be found.
Under a fixed exchange rate regime, if a central bank must intervene to purchase the domestic currency by selling foreign assets, then, like an open market sale, this action ________ the monetary base and the money supply, causing the interest rate
on domestic assets to ________. A) increases; rise B) increases; fall C) reduces; rise D) reduces; fall
Gordon believes that the new Keynesian approach as opposed to other business cycle theories is preferred because
A) it explains information barriers and sticky wages. B) it explains how workers are "fooled." C) it explains wage and price stickiness assuming rational firms and workers. D) it identifies the source of supply side shocks and slow SAS adjustment.