Describe two types of specialization in production
Please provide the best answer for the statement.
Specialization may be of the human form with division of labor where different workers perform different production tasks; or it may be geographic specialization where some goods and services are produced in certain regions and others are produced in other areas.
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Which of the following is true about marginal utility?
a. Marginal utility is total utility divided by the total quantity consumed. b. Marginal utility is the change in total utility divided by the change in total quantity demanded. c. Marginal utility is the satisfaction that a consumer experiences from all the units of a good or service consumed. d. None of the above are true.
A review of the performance of the economy during the Bush administration is the concern of:
a. macroeconomics. b. microeconomics. c. both macroeconomics and microeconomics. d. neither macroeconomics nor microeconomics.