Specialization—the division of labor—enhances productivity and efficiency by:
A. allowing workers to take advantage of existing differences in their abilities and skills.
B. avoiding the time loss involved in shifting from one production task to another.
C. allowing workers to develop skills by working on one, or a limited number, of tasks.
D. all of the means identified in the other answers.
Answer: D
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New growth theorists conclude that
A) invention is more important than innovation in spurring economic growth. B) economic growth can continue as long as we keep coming up with new ideas. C) rates of global economic growth are limited by the amount of raw materials available. D) the amount of technological innovation in an economy is independent of the rewards offered for innovation.
Assume that Anne has $300 to spend on DVDs and CDs. Her optimal consumption of DVDs and CDs is illustrated by a tangency between a budget line and an indifference curve. Now assume that the price of CDs rises but the price of DVDs falls
How can you show that Anne is made better off by these price changes? A) Show that the price changes move Anne along her budget line to a higher indifference curve. B) Show that Anne can now afford to buy more DVDs, which give her greater utility than CDs. C) Show that the price changes shift Anne's budget line outward; the budget line is tangent to a higher indifference curve. D) Show that Anne can afford to buy the optimal combination of DVDs and CDs at their original prices; then show that Anne can now reach a higher indifference curve.