Division of labor refers to
A) dividing tasks up into several subtasks and having one person perform these subtasks in a certain order.
B) the separation of hourly workers from salaried workers.
C) assigning different workers to different tasks.
D) separating union workers from nonunion workers.
Answer: C
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Which of the following actions could be undertaken if the government wants to reduce a recessionary gap?
A. Increase taxes more than the amount of reduction in government spending. B. Increase taxes and reduce government spending. C. Increase taxes and increase government spending. D. Reduce taxes and increase government spending.
Refer to Scenario 10.3. Suppose that a tax of $5 per unit of output is imposed on red herring producers. The price of red herring will
A) not change. B) increase by less than $5. C) increase by $5. D) increase by more than $5. E) decrease.
Answer the following statements true (T) or false (F)
1) All else equal, firms with a few large plants are more likely to have lower average costs than firms with many small plants. 2) A plant is located at the cost-minimizing location when the marginal benefit of moving closer to the inputs is exactly double the marginal cost of moving closer. 3) If a firm is not directly paying all of the transportation costs, managers still have an incentive to minimize the sum of the production and transportation costs. 4) If a firm has two plants, one in a desirable location and one in an undesirable location, workers located in the desirable location are likely to be paid more. 5) If a firm has two plants and workers at Plant 1 are paid $40,000 a year and workers at Plant 2 are paid $45,000, the $5,000 difference in salary is a compensating wage differential.
A monopoly can charge any price it wishes, and chooses the
a. highest price b. price equal to marginal cost c. price associated with the output level where MC = MR d. competitive price to keep out potential entrants e. price associated with greatest efficiency