The "division of labor" refers to
a. discrimination in labor markets
b. separating a job into smaller tasks completed by different people
c. one worker who divides his time among different jobs and duties
d. defining a job according to the appropriate sex
e. the fact that two 20-year-olds are more productive than one 40-year-old
B
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When actual output is less than potential output, there is ________ output gap and the inflation rate will ________.
A. an expansionary; be lower than the expected rate of inflation B. a recessionary; exceed the expected rate of inflation C. a recessionary; be lower than the expected rate of inflation D. an expansionary; exceed the expected rate of inflation
Cost-push inflation is due to:
a. "too much money chasing too few goods". b. the economy operating at full employment. c. increases in production costs. d. all of these.
What is the MOST likely reason neighboring nations engage in trade?
a. labor availability b. similar tastes and preferences c. proximity d. shared membership in a free trade area
Disagreements about whether the U.S. government should regulate international trade
A) began during the Great Depression. B) began after World War I when government officials no longer believed in isolationism. C) date back to the beginning of the country. D) did not occur until the end of the Mexican War in 1848.