The division of labor
a. allows more people to be employed
b. allows tasks to be performed more efficiently
c. makes people happier on the job
d. means that less management is required
e. means that less equipment will be used
B
You might also like to view...
We're more likely to make mistakes with situations we face:
A. often, because we pay less attention. B. often, because they involve low payoffs. C. infrequently. D. with little warning.
The figure below shows the U.S. market for imported wine. For simplicity, we consider export supply curves to be flat. Chilean wine is available for $480 per barrel and French wine is available for $420 per barrel.
Suppose the United States has a tariff of $80 per barrel on imported wine. Then, the United States joins a trade bloc with Chile. What is the net effect of joining the trade bloc on U.S. well-being?
A. The national welfare increases by $250 billion. B. The national welfare decreases by $800 million. C. The national welfare increases by $50 million. D. The national welfare decreases by $550 million.
Refer to Figure 10.4. The deadweight loss associated with the monopoly would be represented by the area:
A. ?abe. B. ?ace. C. ?ade. D. ?efg.
Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670The price elasticity of demand (based on the midpoint formula) when price decreases from $9 to $7 is
A. unit elastic. B. inelastic. C. elastic. D. perfectly inelastic.