What does job specialization do?
a. It allows workers to focus on the parts of the production process where they have an advantage.
b. It allows workers to focus on all aspects of the production process.
c. It allows organizations to maximize the tasks in which workers perform.
d. It allows the production process to be performed by a single worker.
a. It allows workers to focus on the parts of the production process where they have an advantage.
Job specialization allows workers to focus on the parts of the production process where they have an advantage.
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Suppose the cost to Tim of a third glass of soda is zero because he's at a restaurant that gives free refills. According to the Cost-Benefit Principle Tim should:
A. drink a third glass of soda. B. drink a third glass of soda if the benefit of doing so is positive. C. not drink a third glass of soda. D. drink a third glass of soda if his benefit from drinking his second glass of soda was positive.
What causes the natural rate of unemployment to exist?
What will be an ideal response?
Perfect, or 100%, recycling is
a. Physically feasible but always too expensive b. Not possible according to the second law of thermodynamics c. Physically feasible but not done because of failure to incorporate environmental costs d. Only accomplished for a few non-renewable resources e. Not currently feasible but will be possible in the future
When the demand for a product does not fluctuate when there is a change in price, the good is ________.
a. inelastic. b. elastic. c. unit elastic. d. perfectly inelastic.