A statement in the newspaper attributed to the leader of a local union stated that the average hourly wage for union members in the region is $13.35. He indicated that this number came from a survey of union members
If an estimate was developed with 95 percent confidence, we can safely conclude that this value is within 95 percent of the true population mean hourly wage. Indicate whether the statement is true or false
FALSE
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In this approach to managing capacity, a firm subcontracts peak production so that internal production remains level and can be done cheaply
A) Time flexibility from workforce B) Use of subcontracting C) Use of dual facilities–specialized and flexible D) Use of seasonal workforce
According to Adam Smith's theory of absolute advantage, specialization allows countries to increase their efficiency for each of the following reasons EXCEPT ________
A) labor could become more skilled by repeating the same tasks B) transportation costs could be lowered by producing closer to markets C) labor would not lose time in switching from the production of one kind of product to another D) higher production would provide incentives for the development of more effective working methods