Which of the following is the best example of specialization in the economic sense??
a. A factory produces goods using high-tech equipment.
b. A factory focuses production on one type of good.
c. A factory gives workers access to many types of training.
d. A factory cross-trains workers to perform a range of tasks.
b. A factory focuses production on one type of good.
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Briefly describe changes in life expectancy, average height, and infant mortality in the United States since 1850
What will be an ideal response?
Many car owners and car dealers describe their different cars for sale in the local newspapers and list their asking price. Many people shopping for a used car consider the different choices listed in the paper
The market for used cars could be described as A) relatively competitive. B) perfectly competitive. C) non-competitive. D) having high transaction costs.
The GDP deflator is
A) an index that utilizes a consumer's market basket of goods in calculating the inflation rate. B) the most general indicator of inflation since it measures changes in the prices of all goods and services in the economy. C) an index used to calculate inflation at the wholesale level. D) the least used index because it is so costly to calculate.
The underemployed are defined as people who have:
a. full-time jobs and who are looking for other full-time permanent employment that pays at a higher rate. b. only part-time or temporary jobs and who are looking for full-time, permanent employment. c. stopped looking for employment even though they may be capable of holding a part-time job. d. multiple full-time jobs and/or part-time jobs but are still counted as employed.