Describe three ways that human specialization contributes to society’s output
Please provide the best answer for the statement.
First, specialization lets people take advantage of differences in skills and abilities so they can be more efficient and productive. Second, specialization fosters learning by doing so people can become good at a particular task. Third, specialization saves time because people do not have to switch from one task to another.
You might also like to view...
According to Okun's Law, for each 1 percentage point that the unemployment rate is above the natural unemployment rate, then
A) the inflation rate is greater than the expected inflation rate by 2 percentage points. B) real GDP is above potential GDP by 2 percent. C) real GDP is below potential GDP by 2 percent. D) the real interest rate is below the natural real interest rate by 1 percentage point. E) the inflation rate is less than the expected inflation rate by 1 percentage point.
One form of economic stimulus that state governments can use is to exempt certain types of purchases from state sales tax
For example, a law that permanently exempts business equipment from state sales tax may stimulate purchases of these goods because the law effectively reduces the price of the equipment. Business equipment such as computers or vehicles are durable goods, so should we expect the tax exemption program to have more impact on equipment demand in the short run or long run? A) More impact in the long run because business equipment demand becomes more income elastic in the long run B) More impact in the long run because business equipment demand becomes more price elastic in the long run C) More impact in the short run because business equipment demand becomes more income elastic in the long run D) More impact in the short run because business equipment demand becomes more price inelastic in the long run