Which of the following is most likely an example of the division of labor?
a. It is easier to be a wheat farmer in North Dakota than in Florida.
b. If you live in or near a big city, it is easier to attract enough customers to operate a successful dry cleaning business or movie theater than if you live in a sparsely populated
rural area.
c. A restaurant divides up the task of serving meals into a range of jobs like top chef, sous chefs, less-skilled kitchen help, and servers to wait on the tables.
d. Only those with medical degrees qualify to become doctors.
c. A restaurant divides up the task of serving meals into a range of jobs like top chef, sous chefs, less-skilled kitchen help, and servers to wait on the tables.
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At a price of $8 per dozen, Chuy sells 40 dozen homemade tamales per week. When he raised his price to $12 per dozen, he still sold 40 dozen per week. Based on this information, the demand for his tamales is
A) unit elastic. B) perfectly elastic. C) perfectly inelastic. D) inelastic.
If capital increases by two units, and MRTS is 1, then what is the MPL?
A) 2 B) 1/2 C) 1 D) Not enough information given.
Which of the following would be an example of a public good?
a. A candy bar. b. A painting by Monet. c. A taxi cab. d. A sunset. e. The beach.
Some poor countries appear to be falling behind rather than catching up with rich countries. Which of the following could explain the failure of a poor country to catch up?
a. The poor country has a health epidemic such as the Zika virus b. The poor country imposes heavy tariffs to protect infant industries c. The poor country has many corrupt officials d. All of the above