Homework Answers
Option C.
- Specialization refers to a process in which skilled workers concentrate on specific tasks rather than concentrating on large number of tasks at a time.
- This leads to an efficient usuage of resources and develops the skills of the worker's in one area as they concentrate on one specific task.
- Hence specialization leads to an increase in the overall production of goods and services.
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Question 3 Specialization: O is always the result of an inefficient use of resources. O allows...
This Question: 18 pts 9 of 28 (28 complete) in the short-run, there are 3 stages...
This Question: 18 pts 9 of 28 (28 complete) in the short-run, there are 3 stages of production. Which of the following is true about stage 3 APL reaches its maximum at the end of this stage O A True B. False MPL < O which indicates that total output is decreasing as the firm hires more workers .A True OB. False The firm can increase output and increase profit by hiring more workers O A True False The firm...
Question 5 In command economies, decision-making is Select the correct answer below: O determined by the...
Question 5 In command economies, decision-making is Select the correct answer below: O determined by the market O centralized O decentralized O decided by familial or traditional skillsets Question 4 What is the benefit of having economies of scale? Select the correct answer below: O Tasks are broken down into smaller pieces and done by a larger number of workers, instead of all the tasks of production being done by one person. O Production costs increase as the number of...
Maximizing profit just means finding the best use of resources. O True © False A loss...
Maximizing profit just means finding the best use of resources. O True © False A loss of a business owner is the punishment for not using resources in the best way. True False Allowing for bankruptcy is unfortunate for the business owner but desirable for the society. O True False If you have absolute advantage in an activity, you also have comparative advantage in that activity. True False There is much more specialization in small communities than in large cities...
Please explain all questions. Thanks 52. Which of the following statements best illastrates economic growh? a....
Please explain all questions. Thanks
52. Which of the following statements best illastrates economic growh? a. An increase in the quantity of abour always leads to cconomic growth. b. Increased education adds to the stock of human capital, NOT unlike building factories, which adds to the stock of physical capital c. A decrease in the peoductivity of labour leads to economic growth d. An increase in the minimam wage will always lead to economic growth 53. Which of the following...
THUMBS UP ? ? ? ? ? for correct answer. 17 QUESTION 13 A competitive market...
THUMBS UP ? ? ? ? ? for correct answer.
17
QUESTION 13 A competitive market economy is unlikely to provide an efficient quantity of some public goods because: the technology involved in the production of public goods makes it difficult for private firms to produce them even though, once produced, they could be marketed efficiently. Ob.only the government has the vast resources necessary to produce public goods. C. private production of public goods generally results in a large amount...
please do 123456 correctly Question 1 (1 point) An example of an intermediate product is O...
please do 123456 correctly
Question 1 (1 point) An example of an intermediate product is O bricks O the output of a clothing manufacturer O unskilled labour O asparagus O a middle manager Question 2 (1 point) When a firm increases employment of a variable input in the short run, it O shifts its total product curve upward O is making a long-run decision O shifts the production possibility curve O moves along its total product curve O alters its...
Economics is a social science concerned with: The best use of scarce resources to achieve the...
Economics is a social science concerned with: The best use of scarce resources to achieve the maximum satisfaction of economic wants. Increasing the level of productive resources so there is a minimum level of income. Increasing the level of productive resources so there is maximum output in society. The best use of scarce resources paid for at the minimum level of cost to consumers and businesses. Answer: A person should consume more of something when its marginal: benefit exceeds...
please hurry Question 31 Regulations that make it costly to dismiss workers a. protect the interests...
please hurry Question 31 Regulations that make it costly to dismiss workers a. protect the interests of workers without any secondary effects. b. reduce the overall level of unemployment. c. reduce total employment because they also make it more costly to hire workers. d. expand total employment because they make it more attractive to hire additional workers. 2.5 points Question 32 Per capita incomes are higher in countries with a. higher marginal tax rates. b. higher tariffs. c. greater self-sufficiency...
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1....
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1. Production possibilities frontiers are typically concave (bowed out) from the origin because of the law of supply b. a. there is usually a one-for-one trade-off in resources used in production economies of scale enable firms to reduce the average costs of production as output rises d. c. the opportunity cost of a good rises as the quantity of the good produced increases e. resources...
Problem A-3 firm has di excess production capacity was created as a result. Management is considering...
Problem A-3 firm has di excess production capacity was created as a result. Management is considering devoting this excess capacity to dne or more of three products. Xi.ぬand X- INE TYPE MACHINE H 210 Unit profits for the three products are s 12 15 - be a. Set up the to nter wereverqu X2+ Ху number) whole to the nearest b. Solve these equations using the Excel Solver. (Round your answers Decision for X Decision for X2 Decision for X3...
This Question: 18 pts 9 of 28 (28 complete) in the short-run, there are 3 stages of production. Which of the following is true about stage 3 APL reaches its maximum at the end of this stage O A True B. False MPL < O which indicates that total output is decreasing as the firm hires more workers .A True OB. False The firm can increase output and increase profit by hiring more workers O A True False The firm...
Question 5 In command economies, decision-making is Select the correct answer below: O determined by the market O centralized O decentralized O decided by familial or traditional skillsets Question 4 What is the benefit of having economies of scale? Select the correct answer below: O Tasks are broken down into smaller pieces and done by a larger number of workers, instead of all the tasks of production being done by one person. O Production costs increase as the number of...
Maximizing profit just means finding the best use of resources. O True © False A loss of a business owner is the punishment for not using resources in the best way. True False Allowing for bankruptcy is unfortunate for the business owner but desirable for the society. O True False If you have absolute advantage in an activity, you also have comparative advantage in that activity. True False There is much more specialization in small communities than in large cities...
Please explain all questions. Thanks
52. Which of the following statements best illastrates economic growh? a. An increase in the quantity of abour always leads to cconomic growth. b. Increased education adds to the stock of human capital, NOT unlike building factories, which adds to the stock of physical capital c. A decrease in the peoductivity of labour leads to economic growth d. An increase in the minimam wage will always lead to economic growth 53. Which of the following...
THUMBS UP ? ? ? ? ? for correct answer.
17
QUESTION 13 A competitive market economy is unlikely to provide an efficient quantity of some public goods because: the technology involved in the production of public goods makes it difficult for private firms to produce them even though, once produced, they could be marketed efficiently. Ob.only the government has the vast resources necessary to produce public goods. C. private production of public goods generally results in a large amount...
please do 123456 correctly
Question 1 (1 point) An example of an intermediate product is O bricks O the output of a clothing manufacturer O unskilled labour O asparagus O a middle manager Question 2 (1 point) When a firm increases employment of a variable input in the short run, it O shifts its total product curve upward O is making a long-run decision O shifts the production possibility curve O moves along its total product curve O alters its...
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1. Production possibilities frontiers are typically concave (bowed out) from the origin because of the law of supply b. a. there is usually a one-for-one trade-off in resources used in production economies of scale enable firms to reduce the average costs of production as output rises d. c. the opportunity cost of a good rises as the quantity of the good produced increases e. resources...
Problem A-3 firm has di excess production capacity was created as a result. Management is considering devoting this excess capacity to dne or more of three products. Xi.ぬand X- INE TYPE MACHINE H 210 Unit profits for the three products are s 12 15 - be a. Set up the to nter wereverqu X2+ Ху number) whole to the nearest b. Solve these equations using the Excel Solver. (Round your answers Decision for X Decision for X2 Decision for X3...
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