The first economist to point out the importance of specialization of labor was
a. Leonardo da Vinci.
b. Adam Smith.
c. David Ricardo.
d. John Maynard Keynes.
e. Enrico Caruso.
b
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Government action will often result in the counterproductive use of resources because
A) voter participation is low; if more people voted the political process would be more efficient. B) many politicians are not interested in how their legislative votes will influence their chances of winning future elections. C) politicians are often unwilling to listen to interest groups that have specialized knowledge. D) there is often a conflict between winning political elections and adoption of only productive programs.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the short run would be:
A. P3 and Y1. B. P2 and Y1. C. P2 and Y3. D. P1 and Y2.
Saving is important for economic growth because
A. a higher saving rate increases investment spending. B. a higher saving rate will decrease the standard of living in the future. C. a higher saving rate reduces investment spending. D. more saving increases consumption immediately.
The slave gang system increased labor productivity by encouraging members of a slave gang system to specialize in performing assigned tasks and working in rhythm
Indicate whether the statement is true or false