Industrial engineer Frederick Winslow Taylor was particularly rude in his recommendation that jobs be kept simple. He argued that the characteristics of lower-level workers were such that they should be assigned very limited decision rights and a narrow set of tasks. While certainly crude by today's standards, Taylor recognized that
A. broad task assignment eliminates the need for coordination.
B. simple task assignment may improve overall productivity.
C. simple task assignment is always dehumanizing.
D. broad task assignment is necessary for complex jobs.
Answer: B
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The idea that business firms attempt to maintain a fixed relation between their stock of capital and their expected sales is the basis for the
A) accelerator hypothesis of net investment. B) permanent-income hypothesis. C) life cycle hypothesis. D) adaptive expectations approach.
If the price of an input falls, a firm would increase the use of that input for two reasons:
a. the input is now more productive, and the firm can substitute this input for other relatively more expensive inputs. b. the input is now more productive, and overall production costs are now lower, meaning a firm may choose to increase production. c. overall production costs are now lower and the firm can substitute this input for other relatively more expensive inputs. d. overall production costs are now lower and the firm will have more of other inputs to use with the one in question.
Which of the following is true of the shape of the short-run Phillips curve? a. It is vertical
b. It is horizontal. c. It is downward sloping. d. It is upward sloping.
What economic insight is demonstrated through changing fashions in hairstyles or clothing?
a. Production improvements lead to more goods. b. New wants develop and replace the old ones. c. Goods are desirable but limited in supply. d. Intangible goods cost more than tangible ones.