Division of _______ is the way a good or service that is produced is divided into a number of tasks that are performed by different workers, instead of all the tasks being done by the same person.
a. resources
b. labor
c. money
d. tasks
b. labor
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To obtain the market price of a good from its factor cost one must:
(a) Add indirect taxes and subtract subsidies. (b) Subtract indirect taxes and add subsidies. (c) Subtract both indirect taxes and subsidies. (d) Correctly cost all of the inputs used minus subsidies.
A bill pending before the Legislature in the tiny island nation of WooHoo would prohibit private companies from selling canoe insurance and make the state the single payer of claims for canoe accidents. Private insurance companies that have made above normal profits have spent large sums of money trying to prevent the legislature from passing this bill into law. This is an example of
A. collusion. B. an externality. C. rent-seeking behavior. D. government failure.
The new Keynesian models, are examples of
A) market-clearing, wage rigidity models. B) non-market-clearing, wage rigidity models. C) imperfect information, wage rigidity models. D) perfect information, non-clearing market models.
The number of people who have gray hair is very high among residents living in Florida. A student concludes that living in Florida causes hair to turn gray. What is the flaw in this student's reasoning?
A) The student is drawing a false conclusion by making the mistake of omitting critical variables such as the age and gender of the residents. B) The student is using an inadequate sample size. C) The student is drawing a false conclusion; he is confusing cause and effect. D) The student has failed to take into account other causes of gray hair.