What is the division of labor? How does it raise efficiency and productivity?
What will be an ideal response?
The division of labor means breaking up a task into a number of smaller, more specialized tasks so that each worker can become more adept at a particular job. It is intended to increase the productivity of labor. The specialization and concentration of the workers on their single subtasks often leads to greater skill and greater productivity on their particular subtasks.
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What condition is necessary for a fiat money system to work?
What will be an ideal response?
Roger has the opportunity to invest $100,000 in two different assets. The investment in Asset #1 will have a present value of $120,000. The investment in Asset #2 is expected to have a future value of $140,000 in four years. If the market interest rate is 5 percent a year, which one would be the better investment?
A. Asset #2, because its future value is greater than the present value of Asset #1 B. Asset #1, because its present value is greater than the future value of Asset #2 C. Asset #2, because its present value is greater than the present value of Asset #1 D. Asset #1, because its present value is greater than the present value of Asset #2
During his tenure at the helm of the Federal Reserve System, Paul Volcker reestablished ________
A) a system of fixed exchange rates B) the role of open market operations in the monetary policy actions of the Fed C) the credibility of the Federal Reserve as an inflation fighting institution D) the targeting of monetary aggregates, like the fed funds rate
Externalities are benefits or damages conferred upon people who are directly involved in an exchange of a good or service
a. True b. False Indicate whether the statement is true or false