What is the "division of labor"? How is the division of labor related to production?
What will be an ideal response?
The division of labor refers to the segregation of a resource into different specific tasks. The division of labor occurs when resources specialize into specific tasks. Total output is greater when resources are specialized.
You might also like to view...
If the federal government tries to make fiscal policy sustainable by increasing taxes on capital income, the after-tax return to capital goods will ________ and will result in ________ potential GDP
A) increase; lower B) decrease; higher C) decrease; lower D) increase; higher
Suppose there are a large number of men who used to work or seek work who now no longer do either. Other things the same, this makes
a. the number of people unemployed rise but does not change the labor force. b. the number of people unemployed rise but makes the labor force fall. c. both the number of people unemployed and the labor force fall. d. the number of people unemployed fall but does not change the labor force.
The maximum amount of increase in the money supply that can be caused by an increase in excess reserves is equal to the
A) deposit multiplier ´ the required reserve ratio. B) loan multiplier ´ the change in excess reserves. C) deposit multiplier ÷ the change in excess reserves. D) deposit multiplier ´ the change in excess reserves.
When Brazil can generate a product using fewer labor hours and resources than the United States, an economist would say that Brazil had:
A. a comparative advantage in production of the product. B. an absolute advantage in production of the product. C. a higher opportunity cost of producing the product. D. no incentive to import the product, regardless of the cost-price conditions for other products.