When a worker specializes in one task, he focuses on that one function in the production process, ignoring the whole system. This is likely to
A. increase the cross-training costs.
B. result in functional myopia that reduces overall productivity.
C. eliminate trade-offs since only one task is undertaken by each employee.
D. lead to greater complementarity between one task and another.
Answer: B
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The figure above shows a
A) cross-section graph. B) scatter diagram. C) time-series graph. D) trend diagram. E) slope.
A shortage will result whenever:
a. the government imposes a price floor below equilibrium price. b. the government imposes a price ceiling above equilibrium price. c. the government imposes a price floor above equilibrium price. d. the government imposes a price ceiling below equilibrium price.
Suppliers would be the most eager to organize to restrict output if they faced:
A. a unit-elastic demand. B. a perfectly elastic demand. C. an inelastic demand. D. an elastic demand.
The following graph shows average fixed costs, average variable costs, average total costs, and marginal costs of production.
The average fixed cost curve is represented by which curve?
A. I B. II C. III D. IV