When workers subdivide the tasks of a job in such a way so as to become more efficient, economists refer to this as
A. the degrees of freedom.
B. the division of tasks.
C. the division of labor.
D. the separation of powers.
Answer: C
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Which statement is true?
A. On the production possibilities frontier, 85 percent of capital is employed. B. If we moved closer to the origin and further away from the production possibilities frontier, unemployment would increase. C. To have economic growth, we must push the production possibilities frontier outward. D. All of the statements are true.
There is no single market structure where firms offer either differentiated or identical products
Indicate whether the statement is true or false
Thousands of U.S. banks failed in the 1930s because the Fed loaned too many reserves to member banks
a. True b. False Indicate whether the statement is true or false
A lottery promises a $250,000 prize. But the prize money is paid out in $50,000 annual installments with the first installment received today.. The winner is offered the option of an immediate lump-sum payment. If the interest rate remains at 10 percent for the entire period, what is the smallest amount the winner should accept?
a. $189,540 b. $192,970 c. $208,494 d. $225,000