Two factories make wooden chairs. If the workers in factory X make each chair from start to finish and the workers in factory Y divide labor, one would assume
A. the workers in factory Y have more job satisfaction.
B. factory X can take advantage of division of labor and produce more efficiently.
C. factory Y can take advantage of division of labor and produce more efficiently.
D. the chairs in factory X are of higher quality.
Answer: C
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When the Treasury acquires gold or SDRs, it issues certificates to the ________, which are a claim on the gold or SDRs, and in turn is credited with deposit balances at the ________
A) Federal Reserve System; Fed B) Federal Reserve System; IMF C) International Monetary Fund; Fed D) International Monetary Fund; IMF
When constructing economic models, economists are more concerned with
A) what people say than what they do. B) what people think than what they say. C) what people do than what they say. D) what people say than what they do or think.
The short-run aggregate supply curve (SRAS) is the amount of real GDP:
a. produced at various price levels. b. produced at various savings rate levels. c. purchased at various price levels. d. purchased at various saving rate levels.
The number of transactions a typical dollar is used in during a given period is called the:
A. velocity of money. B. transaction rate. C. quantity theory of money. D. transaction velocity.