Specialization—the division of labor—enhances productivity and efficiency by:
A. allowing workers to take advantage of existing differences in their abilities and skills.
B. avoiding the time loss involved in shifting from one production task to another.
C. allowing workers to develop skills by working on one, or a limited number, of tasks.
D. all of the means identified in the other answers.
Answer: D
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Why is GDP only an imperfect valid measure of the value of output produced by an economy?
What will be an ideal response?
Marginal benefit equals the
A) benefit that a person receives from consuming another unit of a good. B) additional efficiency from producing another unit of a good. C) increase in profit from producing another unit of a good. D) cost of producing another unit of a good. E) total benefit from consuming all the units of the good or service.
As more capital per worker is added, a per worker production function generally becomes:
a. flatter because capital is subject to diminishing marginal returns. b. flatter because labor is subject to diminishing marginal returns. c. flatter because capital is subject to increasing marginal returns. d. steeper because capital is subject to diminishing marginal returns.
Which of the following statements best describes consumer surplus in the supply and demand model?
a. Consumer surplus is the area in the supply and demand model that is above the market price and above the demand curve. b. Consumer surplus is the area in the supply and demand model that is below the market price and below the demand curve. c. Consumer surplus is the area in the supply and demand model that is above the market price and below the demand curve. d. Consumer surplus is the area in the supply and demand model that is below the market price and above the demand curve.