Specialization—the division of labor—enhances productivity and efficiency by:
A. allowing workers to take advantage of existing differences in their abilities and skills.
B. avoiding the time loss involved in shifting from one production task to another.
C. allowing workers to develop skills by working on one, or a limited number, of tasks.
D. all of the means identified in the other answers.
Answer: D. all of the means identified in the other answers.
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The maximum amount of production that can be produced while avoiding shortages of labor, capital, land, and entrepreneurship that would bring rising inflation is called
A) real GDP. B) nominal GDP. C) actual GDP. D) potential GDP.
What is the marginal technical rate of substitution?
What will be an ideal response?
When it comes to environmental policy,
a. choices are influenced by the costs and benefits that decision makers expect. b. values are subjective, as in other areas of the economy. c. policy choices often have unintended secondary effects. d. all of the above are true.
An appreciation of the British pound relative to the euro will cause England's:
a. Aggregate supply and aggregate demand to rise, which causes prices to rise and real GDP to fall. b. Aggregate supply to rise and aggregate demand to fall, which causes prices to rise and real GDP to fall. c. Aggregate supply to rise and aggregate demand to fall, which causes prices to fall and real GDP to change by an uncertain amount. d. Aggregate supply and aggregate demand to fall, which causes prices to rise and real GDP to fall.