In the early 1900s, Henry Ford revolutionized the automotive manufacturing industry by instituting the assembly line. What impact did the assembly line method for producing automobiles have on the per-worker production function for Ford?

The approach used in the U.S. to measure the economy's aggregate performance is

A) the total value of securities. B) national income accounting. C) to add up the value of intermediate goods. D) to add up the total value of financial transactions, transfer payments, and secondhand goods. E) all of the above.

Firms decide how much to spend on product development and marketing by

A) spending the same amount as they did in previous years. B) spending the historical average of 1/4 of total production cost. C) determining what it will take to eliminate excess capacity. D) balancing the cost and the benefit of product development and marketing. E) ensuring that the marginal cost of product development and marketing is less than or equal to the marginal cost of producing the good or service.