Two factories make wooden chairs. If the workers in factory X make each chair from start to finish and the workers in factory Y divide labor, one would assume
A. the workers in factory Y have more job satisfaction.
B. factory X can take advantage of division of labor and produce more efficiently.
C. factory Y can take advantage of division of labor and produce more efficiently.
D. the chairs in factory X are of higher quality.
Answer: C
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There is an externality present only when
A) private costs equal social benefits. B) private benefits equal social benefits. C) private costs or benefits diverge from social costs or benefits. D) private costs equal social costs.
When studying human behavior, economists assume rational self-interest. This means that:
A. People make decisions based on some desired outcome B. People are quite selfish, and are not concerned about others C. People always make the right decisions D. People have all the information they need to make a decision