Question

1. In the "The Wealth of Nations", Adam Smith dise production and introduces the idea of the of Nations", Adam Smith discusses the concept of manufacturing and Which discusses the way in which duce a good or service is divided into a number of tasks that are the work required to produce a good or service is divided into a numbe performed by different workers. A. division of labor B. opportunity cost C. individual free enterprise D. free market 2. The circular flow diagram of economic activity is a model of the: A. flow of goods, services, and payments between households and firms. B. influence of government on business behavior. C. role of unions and government in the economy D. interaction among taxes, prices, and profits. ? 3. Economist, in a general context, study human behavior with respect to A. group negotiations and decisions made B. society's decisions on election rules C. individual decisions in daily life D. resource allocation decisions 4. During the last election cycle, the minimum wage was a topic that was regularly debated. One side made the argument it was too low and the other side argued it was too high. Economist defines this type of discussion over an economic policy issue as a discussion over_ ? A. negative economic issues B. positive economic issues C. important economic issues D. normative economic issues

Answer 1

Due to presence of HOMEWORKLIB POLICY, I am answering first question.

1.

Ans: A.

Explanation:

Division of labor is the separation of tasks in any economic system so that workers may specialize to achieve maximum available cost advantages.

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