Specialization refers to
a. one person performing a wide variety of tasks
b. labor replacing capital in production
c. capital replacing labor in production
d. limiting the number of tasks a resource performs
e. performing all tasks with only one resource
D
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Which of the following could create a movement along the short-run Phillips curve so that the unemployment rate temporarily falls below the natural unemployment rate?
A) an increase in aggregate demand and a quickly responsive wage rate B) a decrease in aggregate demand and a sticky wage rate C) an increase in aggregate demand and a sticky wage rate D) an increase in aggregate supply and a sticky wage rate E) a decrease in aggregate demand and a quickly responsive wage rate
When moving from gross domestic product to gross national product, one has to
a. add earnings by foreign residents and firms in the United States. b. subtract earnings by foreign residents and firms in the United States. c. subtract foreign earnings of U.S. residents and firms. d. add foreign earnings of U.S. residents and firms. e. Both b and d