Adam Smith argued that greater specialization and division of labor are likely to:
A. reduce worker productivity.
B. improve standards of living.
C. reduce standards of living.
D. replace workers with machines, resulting in massive unemployment.
Answer: B
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Suppose the Federal Reserve desires to raise the level of planned investment in the economy
It either has to hope that an improvement in business confidence shifts the rate-of-return line to the ________ , or it has to take direct action by ________ the interest rate. A) right, raising B) right, lowering C) left, raising D) left, lowering
A decrease in the foreign real interest rate will tend to cause, other things the same ________
A) a decrease in the return on dollar assets relative to foreign assets B) an increase in the demand for dollars C) a depreciation of the domestic currency D) individuals to hold fewer dollar assets
The government of a country, which has adopted American GDP accounting conventions, reported that seasonally adjusted GDP in quarter 3 was $48 billion at an annual rate. This means that the seasonally-adjusted market value of all final goods and services produced within this country in quarter 3 was
a. $4 billion. b. $12 billion. c. $16 billion. d. $48 billion.
In considering the relationships between price and quantity demanded, ceteris paribus directs the economist to assume that:
A. price increases affect quantity. B. quantity increases affect prices. C. neither price nor quantity affect demand. D. all other variables remain unchanged.