Which of the following is an example of specialization?
A) The output of workers in a chocolate factory doubled when a new manager was appointed.
B) The cost of production of a light bulb making factory decreased as its capacity increased.
C) Instead of a worker making an entire shoe, the total productivity increased when different workers were allotted different jobs in the production process.
D) Import of better technology and machinery from developed countries greatly increased the number of laser printers that a company was manufacturing.
C
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The price of a first-class stamp in 1957 was 3 cents, and it is 49 cents in 2014. From this we know that
A) both the relative and the absolute price of first-class stamps increased from 1957 to 2014. B) the money price of first-class stamps increased from 1957 to 2014 but the absolute price of first-class stamps stayed constant. C) the money price of first-class stamps increased from 1957 to 2014 and the relative price of first-class stamps decreased. D) the money price of first-class stamps increased from 1957 to 2014, but we can't tell if the relative price of first-class stamps increased or decreased without more information.
A fall in the price level will: a. cause an upward movement upward along the aggregate demand curve. b. cause a downward movement along the aggregate demand curve
c. cause a leftward shift of the aggregate demand curve. d. cause a rightward shift of the aggregate demand curve. e. have no impact on the aggregate demand curve.
Consumer surplus is the difference between the worth of a commodity to the consumer and the price the consumer pays for the commodity
a. True b. False Indicate whether the statement is true or false
Scientists prefer to advance irrefutable theories, rather than refutable theories
Indicate whether the statement is true or false