Workers in Adam Smith's famous pin factory example, who were proficient in pin production, then faced the problem of
a. too many different tasks.
b. becoming bored with their jobs.
c. having to exchange pins for other goods and services.
d. not having enough pins to purchase other goods and services.
c
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Explain the term "labor hoarding."
What will be an ideal response?
Which of the following costs will not change as output changes?
A) total variable cost B) total fixed cost C) average variable cost D) average fixed cost E) marginal cost
According to economist Robert Barro, if parents are concerned about the welfare of their children, then each adult generation will voluntarily reduce the burden of federal debt on future generations, and thus forego the stimulative effect of deficit spending in the present
Indicate whether the statement is true or false
Suppose that Jean normally orders three tacos, but on seeing that their price has gone up, decides to buy only two. Jean's decision is best explained by:
A) income and substitution effects. C) the principle of comparative advantage. B) the law of supply. D) the law of increasing opportunity costs.