The division of labor facilitates productivity increases for all of the following reasons, except one. Which is the exception?
a. It allows people to do those tasks for which they have the greatest natural ability.
b. Workers get better at tasks, the more they repeat them.
c. The more experience workers gain by specializing in a task, the more likely they will enjoy that task.
d. More sophisticated production techniques are introduced.
e. The division of labor often permits the introduction of labor-saving machinery.
C
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Assuming a long-run aggregate supply curve, a decrease in consumer confidence results in ________ in output and ________ in price level
A) a decrease; no change B) a decrease; a decrease C) an increase; no change D) no change; a decrease
In the long run, more costs become fixed
Answer the following statement true (T) or false (F)
Which of the following statements is equivalent to the law of diminishing marginal returns?
a. A stitch in time saves nine. b. You can't make an omelet without breaking eggs. c. Too many cooks spoil the broth. d. If you can't stand the heat, get out of the kitchen.
The price of an airline ticket from Denver to Washington, D.C. costs $600. A bus ticket costs $150. Traveling by plane takes 6 hours compared with 51 hours by bus. Other things constant, an individual would gain by choosing air travel if, and only if, his time were valued at more than
What will be an ideal response?