In economics, what term is used to describe a concentration of efforts toward producing one type of goods?
a. repetition
b. specialization
c. competition
d. consumption
b. specialization
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Which of the following statements is true of a frictionless labor market?
A) The quantity of labor demanded always exceeds the quantity of labor supplied. B) Firms can instantly hire and fire workers. C) The quantity of labor supplied always exceeds the quantity of labor demanded. D) All firms pay below the equilibrium wage rate.
________ consumption is consumption that does not depend upon the level of GDP
A) Disposable B) Voluntary C) Induced D) Autonomous
If a union raises initiation fees significantly and if employers in the industry hire only union workers, the supply of union labor curve will shift to the left
a. True b. False
If the resources within a nation are not being fully or efficiently utilized, it means:
a. that the nation is operating at a point inside its production possibilities curve. b. that the nation is operating at a point outside its production possibilities curve. c. that the nation is operating at a point along its production possibilities curve. d. that the nation is probably technologically advanced. e. the government of that nation should seize ownership of the resources in order to attain the necessary efficiencies.