A production system where various workers concentrate on different specialized tasks to contribute towards a whole product is referred to as:
A. A coincidence of wants
B. Roundabout production
C. Freedom of enterprise
D. Division of labor
Answer: D
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The government wants to reduce white-collar crime. a. Suppose for the moment innocent people are never wrongly convicted of a crime
Explain why the Becker model of crime and punishment suggests that we increase the fines people pay if they are convicted instead of hiring more people to investigate white-collar crime. b. Now suppose that mistakes happen and innocent people are sometimes convicted of white-collar crime. Why in this case might we want to hire more investigators instead of raising fines? What role does equity or fairness play in this case?
Tax expenditures can be viewed as government spending through the tax code
a. True b. False
Describe in general terms four or five characteristics of less-developed countries
In a perfectly competitive industry, an individual firm faces
A) a perfectly inelastic labor supply curve. B) a perfectly vertical labor supply curve. C) a perfectly elastic labor supply curve. D) none of the above.